Bitcoin
Dogecoin Futures Liquidations Top $7.8 Million as Long Positions Suffer Most Losses
Forced closures on Dogecoin derivatives heavily impacted bullish traders after open contracts triggered cascading market sales.
Derivative exchanges liquidated $7.82 million in Dogecoin futures positions over a 24-hour period, with $7.32 million originating from long contracts, according to data from CoinGlass reported by U.Today. Long positions accounted for nearly 94% of the total forced closures, reflecting an imbalance of 1,453% between bullish and bearish liquidations.
The article explains that cascading liquidations occur when market declines deplete collateral on leveraged positions, forcing exchanges to execute automated market sales. Spot markets also experienced selling pressure, with roughly $55 million exiting Dogecoin spot holdings across the four days leading to October 8. On that day, Whale Alert recorded a transfer of over 304.7 million DOGE, worth roughly $27 million, to Binance.
Following the liquidations, Dogecoin traded at $0.084663 on Friday afternoon, marking a 1.9% rebound over 24 hours within an intraday range of $0.081186 to $0.08548. The network continues to issue approximately 13.55 million new tokens daily into its circulating supply of roughly 156.25 billion DOGE.
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