Dogecoin long liquidations have spiked to more than $60 million in the past 24 hours, as the memecoin fell below the $0.12 mark.

These liquidations were more significant than is usual for the memecoin's trading activity in the futures market. Dogecoin's liquidations were roughly equal to bitcoin's, which saw just over $60 million in liquidations during the same period. This is a significant market event, considering bitcoin's much larger trading volume and market cap, and it is also the largest hit in terms of daily liquidations that dogecoin has taken since May 2021.

The wider cryptocurrency market was hit by over $444 million in liquidations in the same period. Of these combined crypto liquidations, the vast majority — around $382 million — were long positions, according to Coinglass …