Dogecoin Selloff Sparks $24M Liquidation Cascade Amid Broader Market Downturn

Dogecoin's price has dropped by about 10% over the past day, resulting in a significant liquidation cascade. According to Coinglass data, over $24 million in positions were liquidated, with long positions accounting for most of the losses at around $21.42 million.

This puts Dogecoin behind other major assets like Ethereum, Bitcoin, and Solana in terms of liquidations, with figures of $136.9 million, $111.54 million, and $31.48 million respectively.

The sharp decline in futures positions is also notable, with open interest plummeting by 12.37% to 10.31 billion DOGE tokens.

Despite the sudden downturn, trading activity remains high, with a 90% surge in trading volume over the same period.