Dogecoin DOGE/USD surged 17% on Tuesday leading to high-value liquidations among traders of the meme coin.
What Happened: Data from CoinGlass revealed that over $7.3 million in DOGE was liquidated over the last 24 hours, making it the third most liquidated crypto asset after Bitcoin BTC/USD and Ethereum ETH/USD.
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Short DOGE traders were relatively worse off than those that were long the meme-based cryptocurrency. Data shows that over $3.1 million in short positions were liquidated over the 12-hour period that DOGE traded between $0.075 and $0.088. Meanwhile, $855,000 worth of DOGE longs were liquidated over the same period.
Short traders on crypto exchange OKX saw the most pain with $1.1 million shorts liquidated, followed by Binance, which saw $1.08 million liquidated.
OKX CEO Jay Hao said in a tweet on Monday that DOGE had recorded the most spot trading turnover after BTC, ETH and rival meme coin Shiba Inu SHIB/USD.
Price Action: At press time, DOGE was trading at $0.087, still up 13% over the last 24 hours, as per data from Benzinga Pro.
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