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Dogecoin (DOGE), the king of meme coins, has suffered a 2,563% liquidation imbalance in the last four hours. The liquidation was triggered by the broader cryptocurrency market meltdown. This has left bullish traders of the meme coin in mild losses based on the development.
DOGE liquidations surge as long traders take a hit
CoinGlass data indicate that traders who bet on long positions suffered a loss of $1.2 million as the DOGE price crashed by 3.06% in the last 24 hours. The price drop pushed Dogecoin’s weekly decline further down to 16.07%.
Notably, the crypto meltdown caused Dogecoin to drop from a daily high of $0.1263 to a low of $0.1216. The geopolitical tension sparked capital flight from crypto assets to safe havens like gold. Bitcoin (BTC), the leading digital asset, fell by 2.2%, and altcoins, including DOGE, followed the same path.
The reduced allocation to speculative assets like Dogecoin amplified the meme coin’s price drop and resultant liquidation. As of press time, Dogecoin exchanges hands at $0.1226, which represents a 1.72% decline in the last 24 hours.
The meme coin’s trading volume is still in the green zone and up by 23.04% at $1.3 billion. Under normal conditions, this is sufficient to trigger a price reversal, particularly with the meme coin’s Relative Strength Index (RSI) at 23.7. This signals extreme oversold conditions, but the general crypto meltdown has hindered any upward momentum for DOGE.
Additionally, Dogecoin has its own corrections to overcome despite kicking off 2026 on a high note. As per Ali Martinez’s analysis, the meme coin is at risk of a massive decline that could add a zero to its price. Martinez identified $0.073 as DOGE’s next major support.
Meanwhile, short-position traders were not spared from the losses, though mild. The short seller lost $45,070 within the same four-hour time frame.
Dogecoin outlook uncertain as founder reacts
Amid the crypto meltdown, Dogecoin founder Billy Markus has reacted to the news of a $150 billion loss with a sarcastic "oh."
Markus, known for his sarcasm, has maintained an air of indifference to the ongoing bloodbath in the crypto sector.
However, not all market players are like the Dogecoin founder. A mysterious Bitcoin whale who sold off 255 BTC recently bet 15.6 million DOGE worth over $2.1 million on the meme coin using 10x leverage.
With the current market outlook, this whale’s projections on Dogecoin might be unraveling. The next couple of days could signal if a rebound is possible.
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