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Dogecoin traders lost more than $65 million in 24 hours amid the biggest losses Liquidation event This year so far. This development came as the price of DOGE collapsed violently after rising to a high of $0.43 on Sunday.
Dogecoin traders lose more than $60 million in 24 hours
Coinglas data It shows that Dogecoin traders have lost more than $65 million in the past 24 hours. Traders who continued to buy DOGE suffered the most, as $54.81 million of long positions were liquidated during this period. Short traders accounted for the remaining loss, with $7.90 Short positions Filtered.
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This short liquidation likely occurred earlier on Sunday, when… Dogecoin price It reclaimed the support level at $0.40 and rebounded to reach $0.43. However, the price action took a drastic turn later in the day, falling from an intraday high of around $0.43 to a low of $0.35, triggering an influx in long positions.
Dogecoin traders were not the only ones to suffer significant losses. Other cryptocurrency traders lost significant amounts as the cryptocurrency market saw its biggest rally Liquidation event This year, with more than $1 billion liquidated in the past 24 hours, according to Coinglass data. Long-term traders took the biggest hit, with $903.59 million of long positions liquidated. At the same time, $260 million of short positions were liquidated.
This liquidation occurred as Bitcoin price It dropped from $106,000 to $100,000, dragging other coins, including Dogecoin, down with it. This overall price drop occurred due to the launch of her cryptocurrency “MELANIA” by US First Lady Melania Trump, which drained liquidity from other coins in the market.
Dogecoin traders were also bound to take a big hit given the strong correlation of DOGE price with BTC. As such, a Dogecoin price collapse was inevitable as the price of the flagship cryptocurrency fell to a low of $100,000.
The cycle is not over yet
Cryptographic analyzer Kevin Capital It provided optimism to Dogecoin traders, indicating that the cycle is far from over. The analyst also reminded those upset with Donald Trump and his team over the “TRUMP” and “MELANIA” memes that Dogecoin could have easily remained at $0.11 if the next president had not won the election instead of Kamala Harris.
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As such, he urged Dogecoin investors and traders to be grateful for how far DOGE has come since November 5, 2024, when Trump won the election. In fact, Trump’s victory was the primary catalyst for Dogecoin’s gains last year. The first meme coin maintained tepid price action for most of the past year until Elon Musk acted Government Efficiency Department (DOGE), derived from DOGE, seemed likely to come to life as Trump led in the polls.
At the time of writing, Dogecoin price is trading at around $0.36, down over 8% over the past 24 hours, according to Data From Coin Market Cap.
Featured image from Unsplash, chart from Tradingview.com