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Many new altcoins like DOGS, a Toncoin-linked meme coin, display an unusual liquidation trend on the market following recent drawdowns. While the total liquidation is lower than the previous records, DOGS bagged a $2.72 million liquidation. This is equivalent to more than 2.4 billion DOGS tokens in 24 hours.
DOGS liquidation
Liquidation data hints at major exposure to a particular token, which might show how much investors are willing to bet on the asset. Despite being new, DOGS has a high level of exposure, especially from its long traders, who have seen over $1.7 million liquidated thus far. The short DOGS traders have also seen a liquidation of $897,000.
Arman ShirinyanFor context, XRP, a more established asset, has recorded less than $800,000, while Dogecoin has bagged just $2.79 million, slightly lower than DOGS.
The interest in DOGS is explainable, considering recent bullish trends around the token. As reported earlier by U.Today, the token bagged a series of stunning upticks last week as it soared to an all-time high (ATH) of $0.001644 about five days ago.
Top crypto exchanges that started listing the coin promoted the publicity around it. Crypto.com is among the latest to support DOGS trading, broadening its overall exposure.
DOGS top 100 ascension
For a meme coin to gain proper adoption, it must survive its hype stage. Just like BONK and PEPE, DOGS comes off as a major success story among its peers thus far this year.
Amid its impressive growth over the past week, the token has entered the list of the top 100 digital currencies by market cap. As of press time, it was changing hands for $0.001122, down by 10% in a major gain pare-off.
However, it remains the 94th most-valued asset, with a market capitalization of more than $579 million.
Yuri Molchan
Denys Serhiichuk