DOGE bulls cry: $600,000 in shorts liquidated

Over the past 24 hours, almost all DOGE liquidations stemmed from long positions, with only about $600,000 worth of short positions liquidated. Investors bullish on Dogecoin (Dogecoin longs) futures suffered bigger losses on Monday than those who made similar bets on Bitcoin.

The dog-themed meme coin plunged in the past 24 hours, resulting in the liquidation of $60 million in long positions. The price of Dogecoin plummeted 9.12%, with the meme token trading at $0.1214. Trading volume rose 152.35% to $1.4 billion, with a market cap of $17.5 billion, making it the ninth-largest coin by market cap and the largest meme cryptocurrency.

However, bullish bets on Ethereum (ETH) suffered the most losses, totaling $76 million. Overall, crypto long positions lost more than $440 million as traders took profits as the dollar strengthened.

Almost all DOGE liquidations in the past 24 hours came from long positions, with only short positions worth about $600,000 being liquidated. Leading exchange Huobi recorded liquidations worth more than $44 million during the Asian trading hours. In addition, open interest in DOGE futures fell 16% to $600 million.

According to Forbes, the total market value of memecoins has shrunk by 0.24% in the past 24 hours, with the biggest declines including Beercoin (BEER), down 66.6%; CatSolHat (SOLCAT), down 13%; Shiba Inu (SHIB), down 10%; Spike (SPIKE), down 49.36%; and Super Trump (STRUMP), down 18.41%.

Overall, the market volatility of Dogecoin and other meme coins shows that investors need to be vigilant and pay close attention to market dynamics. Nevertheless, the future of these currencies is still full of uncertainty and may bring unexpected turns.

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