Dogecoin Steep Decline Met With Massive Liquidations

Data shows that the crypto market has had a rough 24 hours. However, it has been far worse for Dogecoin which had a 24.89% fall. This decrease is more dreadful than that of cryptocurrencies, including Binance (BNB), Solana (SOL), and Ethereum (ETH), which also note double-digit declines.

Amid the fall, a whale moved 117.52 million DOGE valued at $11 million to Robinhood, an American-based exchange. This development further panicked the market, as the movement of coins into platforms like Robinhood suggests an additional sell-off.

Besides the correction, Dogecoin recorded its highest liquidation value since mid-June. Liquidation occurs when an exchange closes a trader’s open contract due to insufficient margin balance to keep the position open.

It could also happen as a result of high leverage and extreme volatility, as currently seen in the market. According to Coinglass, a total of $14.74 million was liquidated in the last 24 hours. Out of this, longs accounted for 13.08 million, while shorts only experienced a $1.66 million wipeout