Dogecoin (DOGE) Investors Suffer $20.17 Million in 24-Hour Liquidations as Market Volatility Crashes the Meme Coin

A significant shift has occurred in the Dogecoin (DOGE) ecosystem in the last 24 hours. Despite the ongoing bullish market cycle that saw Bitcoin rally

Dogecoin (DOGE) investors suffered الكبير liquidations amounting to 20.17 million in the last 24 hours, as the meme coin continued to trade below the key resistance level.

The total liquidation across the crypto market stood at $8.12 million within the period under consideration, CoinGlass revealed. This liquidation occurred as DOGE plunged in the crypto market, dropping to $0.4018 from an earlier high of $0.4161.

Investors and traders had bet on DOGE to continue climbing and possibly test the $0.50 level. However, market volatility and price fluctuations crashed DOGE to its current level.

As of press time, the DOGE price was trading at $0.4069, reflecting a 0.82% decrease in the last 24 hours. Investors’ confidence also took a hit, as market volume dipped by 25.76% to $4.57 billion. This signals that investors might have adopted a more cautious strategy as DOGE's performance fell short of the prediction.

Dogecoin liquidation saw long-position traders lose $6.39 million as their expectation of sustained price growth crumbled. In contrast, short-position traders suffered $1.73 million in liquidations.

Other meme coins, like PEPE, SHIB and WIF, had lesser liquidations of $2.92 million, $1.13 million and $1.99 million, respectively. All three meme coins also had long traders suffering higher liquidation than short traders.

DOGE underperforms despite Bitcoin's rally

Usually, altcoins and meme coins have registered an uptick when the price of Bitcoin climbed. However, despite the appreciable surge in Bitcoin in the last 24 hours, DOGE has continued to fluctuate below the $0.408 resistance level.

Dogecoin mirrored Bitcoin in a high liquidation pattern.

Bitcoin, the leading digital asset currently on a price rally, had $59.95 million in liquidations, comprising $42.73 million and $17.21 million for long-position and short-position traders, respectively.

Among the altcoins, Ethereum recorded the largest liquidation, clocking in at $46.72 million. Of this amount, long position traders logged $28.05 million, and short traders logged $18.67 million.