Crypto News- Dogecoin Bull Run Results in $60M Liquidations, Largest Since 2021

Crypto News- Dogecoin Bull Run Suffer $60M Liquidation, Biggest Since 2021

Crypto News– Bullish positions in dogecoin (DOGE) futures faced more significant losses compared to bitcoin (BTC) counterparts on Monday, with a downturn in the dog-themed meme token triggering $60 million in liquidated long trades.

DOGE prices dropped over 10%, briefly recovering amidst a broader sell-off in major tokens and bitcoin during Asian trading hours. The CoinDesk 20 Index (CD20), which tracks the overall crypto market, declined by 3.4% over the past 24 hours.

BTC long positions saw losses of $47 million during the same period. However, bullish bets on Ether (ETH) suffered the most significant losses, amounting to $76 million. Traders attributed the overall decline of over $440 million in crypto long positions to profit-taking and strength in the US dollar.

According to Coinalyze data, nearly all of the liquidation activity in DOGE over the past 24 hours stemmed from long positions, which are bets on higher prices. Only about $600,000 worth of short positions, bets against the token, were liquidated.

These figures mark the highest levels for DOGE futures since May 2021, as reported by the data. Huobi, a popular crypto exchange among Asia-based traders, witnessed over $44 million in liquidations.

Open interest, reflecting the number of outstanding futures bets, has decreased by 16% to $600 million. Concurrently, a long-short ratio tracking DOGE futures indicates a bearish sentiment with a ratio of 0.94, suggesting traders are positioning for further declines.

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