Dogecoin Traders Lose Over $60 Million In 24 Hours Amid Largest Liquidation Event In 2025 So Far
Dogecoin traders lost over $65 million in 24 hours liquidation event So far this year. The development comes as DOGE price plummeted sharply after climbing to a high of $0.43 on Sunday.
Dogecoin traders lost over $60 million in 24 hours
coin glass data Shows Dogecoin traders lost over $65 million in the past 24 hours. Traders long DOGE suffered the most, with $54.81 million in long positions liquidated during the period. Short traders accounted for the remaining losses, of which $7.90 short position liquidation.
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These short-term liquidations likely occurred early Sunday, when Dogecoin price It recovered support at $0.40 and rebounded to highs of $0.43. However, price action took a dramatic turn later in the day, plunging from intraday highs around $0.43 to as low as $0.35, resulting in an influx of long positions.
Dogecoin traders weren’t the only ones to suffer significant losses. As cryptocurrency market reaches its biggest size, other crypto traders are losing big liquidation event According to data from Coinglass, more than $1 billion has been liquidated in the past 24 hours this year. Long traders were hardest hit, with $903.59 million in long positions liquidated. Meanwhile, $260 million in short positions were liquidated.
When these liquidations occur bitcoin price Its price fell from $106,000 to $100,000, dragging down other coins including Dogecoin. The main reason for the overall price drop is that US First Lady Melania Trump launched her meme coin “MELANIA”, which drained the liquidity of other coins in the market.
Dogecoin traders are also bound to take a major hit, given DOGE’s strong price correlation with BTC. Therefore, it was inevitable that the price of Dogecoin would plummet as the price of the flagship cryptocurrency plummeted to $100,000.
The cycle is not over yet
cryptocurrency analyst Kevin Capital Dogecoin traders are feeling optimistic, saying the cycle is not over yet. The analyst also reminded those who are uneasy about Donald Trump and his team that Dogecoin could easily remain at $0.11 had the incoming president not Kamala Harris won the election.
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Therefore, he urged Dogecoin investors and traders to express gratitude for the progress Dogecoin has made since Trump won the election on November 5, 2024. In fact, Trump’s victory was the main catalyst for Dogecoin’s rise last year. Price action for the most important meme token had remained tepid for much of last year until Elon Musk government efficiency department (DOGE), coined by DOGE, a name that seems likely to emerge as Trump leads the polls.
Dogecoin price is reportedly around $0.36 at the time of writing, down more than 8% in the past 24 hours data From CoinMarketCap.
Featured images from Unsplash, charts from Tradingview.com
