Dogecoin Plunges 7.30%, Suffers Record 2691% Liquidation Imbalance

Dogecoin's price plummeted on Thursday, leaving long traders holding leveraged positions in shock. The crypto asset experienced a staggering 2,691% liquidation imbalance after a sharp market sell-off forced investors out of their bets.

The broader crypto market fell ahead of key inflation releases, with Dogecoin falling by 7.30% over the past 24 hours to $0.083. The price drop caught traders off guard, especially considering the weekend's surge that took DOGE to a high of $0.095.

The liquidated positions amount to $8.91 million, with $8.59 million coming from long positions and $319,190 from shorts, according to CoinGlass data. This imbalance highlights the pressure on Dogecoin traders who were betting on a price increase.