Dogecoin Bulls See $60M Liquidations in Biggest Hit Since 2021
Over $400 million in crypto longs were liquidated in the past 24 hours as major tokens slid as much as 10%.
• Bullish bets on dogecoin (DOGE) futures saw $60 million in long trades liquidated, more than for bitcoin (BTC) futures. • The liquidations occurred as DOGE prices dropped over 10%, reflecting broader market sell-offs and a bearish sentiment in the crypto market.
Bullish bets on dogecoin (DOGE) futures fared worse than their bitcoin (BTC) counterparts on Monday, unusually, as a slide in the dog-themed meme token liquidated $60 million in long trades.
The DOGE price slumped more than 10% , before briefly recovering amid a sell-off in major tokens and bitcoin in Asian trading hours. The CoinDesk 20 Index ( CD20 ), a measure of the broader crypto market, has dropped 3.4% in the past 24 hours.
BTC long bets lost $47 million in the same period. Ether (ETH) bullish bets lost the most, however, at $76 million. Overall, crypto longs lost over $440 million as profit-taking and dollar strength weighed on the market, traders said Tuesday.