Dogecoin Traders Lose Over $60 Million In 24 Hours

Coinglass data shows that Dogecoin traders have lost over $65 million in the last 24 hours. Traders who went long on DOGE suffered the most

Dogecoin traders have lost over $65 million in the last 24 hours as the DOGE price crashed from as high as $0.43 on Sunday.

This development comes as the crypto market witnessed its largest liquidation event this year so far.

Over $1 billion was liquidated in the last 24 hours, with Dogecoin traders accounting for a significant portion of this loss.

Dogecoin traders lost over $60 million in 24 hours According to data from Coinglass, over $1 billion was liquidated in the last 24 hours in the crypto market.

Of this total, long traders suffered the most, with $903.59 million in long positions liquidated.

Short traders, on the other hand, saw $260 million in short positions liquidated.

These liquidations largely occurred as the Bitcoin price dropped from as high as $106,000 to $100,000, dragging other coins along with it.

This price drop across the board was mainly attributed to the US First Lady Melania Trump’s launch of her meme coin, ‘MELANIA,’ which appeared to siphon liquidity from other coins in the market.

Dogecoin traders were also bound to take a substantial hit considering DOGE’s strong price correlation with BTC.

As such, a Dogecoin price crash was inevitable as the flagship crypto nosedived to as low as $100,000.

However, crypto analyst Kevin Capital remained optimistic for Dogecoin traders, stating that the cycle is not over.

The analyst also reminded those upset at Donald Trump and his team about the ‘TRUMP’ and ‘MELANIA’ meme coins that Dogecoin could easily have remained at $0.11 if the incoming president had not won the elections.