There has been a major shift in the Dogecoin (DOGE) ecosystem in the last 24 hours. Despite the ongoing bull market cycle that saw Bitcoin surge above $100,000, DOGE continues to see a slight bleed. Notably, Dogecoin investors have suffered 20.17 million in liquidations over the past 24 hours.
🧐What led to the liquidation?🧐
According to CoinGlass data, the total liquidations during the period under review amounted to $8.12 million. This liquidation came as DOGE fell in the cryptocurrency market, falling to $0.4018 from its previous high of $0.4161.
Investors and traders alike were betting that DOGE would continue to rise and possibly test the $0.50 level. However, market volatility and price fluctuations have dragged DOGE down to its current level. At the time of writing, DOGE is trading at $0.4069, down 0.82% over the past 24 hours. Investor sentiment has also taken a hit, with market volume down 25.76% to $4.57 billion. This suggests that investors may have adopted a more cautious strategy as DOGE underperformed expectations. The Dogecoin liquidation saw long traders lose $6.39 million as their expectations for sustained price growth were shattered. Meanwhile, short traders incurred losses of $1.73 million. Other meme coins, such as PEPE, SHIB, and WIF, saw smaller liquidations of $2.92 million, $1.13 million, and $1.99 million, respectively. Long traders in all three meme coins also experienced higher liquidations than short traders. DOGE Underperforms Despite Bitcoin’s Overall Rally Altcoins and meme coins saw a slight uptick as Bitcoin’s price rallied. However, despite Bitcoin’s notable rally in the last 24 hours, DOGE continues to fluctuate below the 0.0 resistance level.$408. Dogecoin mirrored Bitcoin somewhat in a high liquidation pattern.
