The news article focuses on the significant increase in Dogecoin’s long liquidations, totaling $16 million on April 12th. This surge in liquidations comes amidst bearish sentiments surrounding the meme coin, as the larger market experienced a downturn following Bitcoin’s price depreciation. The entire cryptocurrency market saw over $860 million in trade positions liquidated among nearly 271,000 traders, with Dogecoin’s long liquidations reaching a 30-day high.
Data from Coinglass revealed that Dogecoin’s long liquidations amounted to $16 million, marking the highest volume in its Futures market since March 6th. Additionally, short liquidations for DOGE on that day totaled $3.08 million. With DOGE’s price plummeting by 13% in the last 24 hours and experiencing a 6% weekly loss, indicators suggest further declines may be on the horizon. Technical analysis of DOGE’s price movements indicates a decrease in demand and a rise in coin sell-offs, painting a challenging picture for Dogecoin holders in the coming days.
