DOGE bulls liquidated $60 million in long trades on Monday

The figures are the highest for DOGE futures since May 2021, data shows. More than $44 million of the liquidations occurred on Huobi, a crypto exchange popular with traders based in Asia.

“The expectation of a rate cut by the Federal Reserve has led investors to divert from risky assets to less risky ones, and DOGE may suffer as one of the largest meme coins on the market.”

Open interest, or the number of unresolved futures bets, has fallen 16% to $600 million. Meanwhile, a long-short index tracking DOGE futures shows traders are positioning for further declines with the index at 0.94, indicating a bearish bias.

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