Jan 8, 2025
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Dogecoin Liquidations Exceed $24 Million Amid Market Decline
Dogecoin's price has retraced by approximately 10% in the last 24 hours amid a broader market decline. Over $24 million in Dogecoin positions were liquidated during this period.
Key Data Points
- Liquidations include $21.42 million in long positions and $2.95 million in short positions.
- Dogecoin liquidations ranked fourth in the market, following Ethereum, Bitcoin, and Solana.
- Open interest in Dogecoin futures dropped by 12.37%, totaling 10.31 billion DOGE tokens.
The sell-off disrupted Dogecoin's recent upward trend, which had seen an increase of 27.4% from $0.31 to $0.395 over six days. Current support is at $0.35.
Despite the liquidations, trading volume increased by 90% in the past 24 hours. Future recovery may hinge on maintaining support around $0.35 and a potential rebound in Bitcoin's price.
Current Dogecoin price: $0.3505.
