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**20,168,692 Dogecoin (DOGE) Liquidated in 24 Hours, What Happened?**
A recent report has revealed a staggering amount of Dogecoin (DOGE) liquidations within the past 24 hours. According to the data, an astonishing **20,168,692 DOGE** have been liquidated in this short period.
This unexpected surge in liquidations follows an unprecedented rally in Bitcoin’s price, which saw it climb to new heights. Despite the massive appreciation in Bitcoin’s value, Dogecoin has not followed suit, instead choosing to fluctuate below a resistance level of $0.408.
The data further shows that DOGE has been following a high-liquidation pattern similar to Bitcoin. This unusual behavior is attributed to the digital asset’s tendency to mimic the world’s largest cryptocurrency in terms of market capitalization.
According to recent reports, Ethereum has witnessed the highest liquidations among altcoins, with a staggering **$46.72 million** being lost. Long position traders were the biggest losers, accounting for **$28.05 million**, while short traders incurred losses totaling **$18.67 million**.
The unexpected price volatility in DOGE may be attributed to various factors such as liquidity risk and margin calls. As a result, the market has seen an influx of liquidations, resulting in this massive loss of assets.
In light of these developments, investors are advised to exercise extreme caution when trading DOGE, particularly during times of significant market fluctuations.
**This article was written by Godfrey Benjamin, an experienced crypto journalist with a strong background in blockchain and cryptocurrency.
Source: u.today
