Dogecoin Price Drops 7.3% Amid Broader Crypto Sell-Off

Dogecoin's price plummeted by 7.30% in the last 24 hours, reaching $0.083 as the broader crypto market sold off amid rising expectations of a Fed interest rate hike and renewed inflation concerns.

The sharp sell-off caught traders betting on a price increase off guard, with about $8.91 million of leveraged DOGE positions being liquidated over the past 24 hours.

A significant portion of these liquidations came from long positions, amounting to $8.59 million, while shorts accounted for $319,190, according to CoinGlass data.

The percentage imbalance between long and short positions reached a staggering 2,691.19%, highlighting the severity of the market sell-off.