Long Positions Account for 94% of Recent Dogecoin Futures Liquidations
Forced liquidations in Dogecoin futures markets reached $7.82 million over 24 hours, primarily affecting traders betting on price increases.
Derivatives markets experienced $7.82 million in forced liquidations on Dogecoin futures over a 24-hour span, according to data from CoinGlass. Bullish bets absorbed almost the entirety of the losses, with $7.32 million in long contracts closed compared to $503,630 in short positions.
The piece notes that widespread long positioning amplified the downward move, as automatic closures by exchanges introduced sudden selling volume. Alongside derivatives, spot markets registered around $55 million in net outflows over four days ending October 8. Whale Alert also tracked a single transfer of 304.7 million DOGE, valued at about $27 million, to Binance on October 8.
Despite the volatility, Dogecoin stabilized around $0.084663 on Friday afternoon, gaining 1.9% on the day after touching a low of $0.081186. The asset currently has a circulating supply of about 156.25 billion DOGE, with daily issuance standing at 13.55 million tokens.
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