Dogecoin Long Liquidations Surge Past $60 Million Amid Market Downturn

Dogecoin's price drop below $0.12 led to long liquidations exceeding $60 million in just 24 hours, according to CoinMarketCap.

This marks a significant surge in Dogecoin's long liquidations, matching the amount of Bitcoin's liquidations during the same timeframe.

The bearish sentiment among traders is evident as open interest in Dogecoin futures dropped by over 18% to $642 million and the long-short ratio for Dogecoin futures surpassed 0.9, indicating a bias towards further price declines.

Dogecoin's decline is part of a broader trend affecting large-cap memecoins, with Shiba Inu (SHIB) and Pepe (PEPE) down by 8.8% in the past week, while Dogwifhat (WIF) fell over 16.2%.