Dogecoin

Million

when

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<p dir="ltr">The market rout over the past 24 hours has triggered a major liquidation in Dogecoin (DOGE), such as has not been recorded since at least May 2021.&nbsp;<a href="https://www.coinglass.com/LiquidationData" rel="noopener noreferrer nofollow">Per</a> data from CoinGlass, the broader market has printed $434.64 million in liquidations over the past 24 hours, with Dogecoin featuring prominently.</p>
<h2 id="dogecoin-s-historic-liquidation">Dogecoin's historic liquidation</h2>
<p dir="ltr">Since it is a meme coin, many traders generally limit their exposure to Dogecoin (DOGE) and its accompanying rivals. However, the 10.54% slump to $0.12 in its price has left many long traders in an impossible position.&nbsp;</p>
<p dir="ltr">The market shift led to $60.86 million in total liquidations, with $60.23 million attributed to long traders only. This amount is equivalent to a total of 507,166,666 DOGE liquidated thus far. It remains unknown whether this trend will be sustained, however, the figures recorded underscore the overexposure by market participants to the meme coin.</p>
<p dir="ltr">The confidence in the potential of Dogecoin to reclaim lost valuations accounts for why many futures traders went long on the coin. There has been an intense&nbsp;<a href="https://u.today/64-billion-dogecoin-doge-shuffled-as-whales-are-waking-up" rel="noopener noreferrer nofollow">whale accumulation</a> in recent times, initially helping to cushion the sell-off and resulting in a 22% drop over the past month.</p>
<h2 id="bear-slump-is-good">Bear slump is good</h2>
<p dir="ltr">For overexposed traders, the bearish slump might have caused a major loss at the moment, but when the bigger picture is factored in, this drawdown is a positive switch for Dogecoin.</p>
<p dir="ltr">With the market in overselling mode, the Relative Strength Index of DOGE has slumped to 28. After a period of drawdown, bears on the market might run out of additional DOGE to offload. At this point, Dogecoin might begin to see a renewed "<a href="https://u.today/buy-the-dip-crucial-crypto-market-metric-shows-unexpected-bullishness" rel="noopener noreferrer nofollow">buy the dip"</a> trend from a properly discounted price range.</p>
<p>If this scenario plays out, the coin&nbsp;<a href="https://u.today/dogecoin-founder-chooses-bitcoin-over-doge" rel="noopener noreferrer nofollow">might reclaim</a> its lost spot market valuation and ultimately maintain its stance as the most capitalized meme coin on the top 10 list of all cryptocurrencies.</p>

591 Million Dogecoin (DOGE) Liquidated in 24 hours, What's Happening?

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