According to a report by analytics firm Youtudei, Dogecoin (DOGE) witnessed an unusual liquidation imbalance on its trading markets. In the past 24 hours, liquidations reached a total of $13.88 million, which is not a significant number compared to the overall cryptocurrency market's liquidation volume of $402 million. However, the issue lies not with the liquidation amount but with the fact that 92.36% of these liquidations were long positions. This means that 1,209% more long positions were liquidated than short positions, indicating that many traders had overleveraged themselves and purchased the asset at too high a price. The subsequent price correction led to their positions being forcibly closed by the exchange due to margin calls.

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