Dogecoin (DOGE) experienced a significant decline, losing 14% in value within 24 hours with nearly $4.8 million in long positions liquidated. The broader cryptocurrency market also saw a liquidation of close to $321 million, impacting DOGE’s trading range and highlighting its correlation with Bitcoin’s price movements.
Dogecoin Loses 14% Amid Significant Market Liquidation
Dogecoin (DOGE) experienced a sharp decline this Thursday, dropping 14% in value within 24 hours. According to Coinglass, a crypto derivatives data platform, nearly $4.8 million in long positions for DOGE were liquidated, leading to a substantial dip to a three-month low.
Close to $321 million was liquidated across the broader cryptocurrency market, with DOGE ranking fourth in terms of liquidation value. At present, DOGE trades between $0.099 and $0.117.
Despite this downturn, the spot market shows minimal selling pressure, with buy orders for DOGE outpacing sell orders by approximately $1 million. However, high correlation with Bitcoin (BTC) means DOGE could remain affected by BTC’s price movements.
Expectations suggest continued price volatility for DOGE, with a predicted drop of around 13% by August 4. The Fear and Greed Index rating of 29 further indicates a bearish outlook.
These events highlight the impact of broader market dynamics on individual cryptocurrencies like Dogecoin.
