Dogecoin posts double-digit drop amid surge in long liquidations

Dogecoin long liquidations have spiked to more than $60 million in the past 24 hours, as the memecoin fell below the $0.12 mark.

These liquidations were more significant than is usual for the memecoin's trading activity in the futures market. Dogecoin's liquidations were roughly equal to bitcoin's, which saw just over $60 million in liquidations during the same period. This is a significant market event, considering bitcoin's much larger trading volume and market cap, and it is also the largest hit in terms of daily liquidations that dogecoin has taken since May 2021.

The wider cryptocurrency market was hit by over $444 million in liquidations in the same period. Of these combined crypto liquidations, the vast majority — around $382 million — were long positions, according to Coinglass data.

Dogecoin long-short ratio skewed bearish

According to Coinglass data, dogecoin open interest, or the number of unsettled futures bets, has dropped by over 18% to $642 million.

Meanwhile, the dogecoin futures long-short ratio signals traders are positioning for more downside, with the ratio now above 0.9, indicating a bearish bias.

Large-cap memecoins have moved lower in general, with The Block’s GMCI Meme index, comprising the leading memecoins by market capitalization, having fallen by over 10% in the past day to 249.41.

Dogecoin is changing hands at around $0.119 at the time of writing, having decreased over 10% in the past 24 hours, according to The Block’s price page.