DOGE sees high liquidations as meme coin sector bleeds heavily
DOGE sees nearly $60 million in long liquidations following 18% dive.DOGE could see support at the $0.109 level based on on-chain data.Meme coin sector is down more than 16% as WIF, BRETT, MAGA take heavy losses.
Dogecoin's (DOGE) sharp decline earlier on Tuesday wiped off nearly $60 million from the crypto market as tokens in the meme coin sector struggled with huge losses.
DOGE liquidations nears that of Bitcoin
Dogecoin long traders took a heavy hit on Tuesday as DOGE's 18% dive within 3 hours triggered long liquidations worth about $60 million. This marks DOGE's largest daily liquidation since May 2021. As a result, DOGE open interest (OI) declined by 11% in the past 24 hours.
The increased DOGE liquidations are quite notable, considering they approached levels usually seen in Bitcoin and Ethereum, which have larger market caps and trading volumes.
