Dogecoin Futures Suffer $60 Million in Liquidations, Biggest Hit Since 2021

Dogecoin (DOGE) futures experienced a significant $60 million in liquidations, marking the largest loss since May 2021. This occurred alongside a broader market sell-off, with major tokens, including Bitcoin (BTC), dropping as much as 10%. The drop in DOGE prices, exceeding 10%, was attributed to bearish sentiment and profit-taking, influenced by the recent strength of the US dollar. Analysts point to the recent pullback in meme coin markets as Bitcoin prices face pressure, with investors shifting towards less risky assets in anticipation of potential Federal Reserve rate cuts. The liquidations predominantly affected long positions, with only a minor amount of shorts liquidated. The open interest for DOGE futures has decreased by 16% to $600 million, and the long-short ratio indicates a bearish bias, suggesting traders are anticipating further declines.