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A significant shift has occurred in the Dogecoin (DOGE) ecosystem in the last 24 hours. Despite the ongoing bullish market cycle that saw Bitcoin rally above $100,000, DOGE has continued to see mild bleeding. Notably, Dogecoin investors have suffered 20.17 million in 24-hour liquidations.

What triggered liquidation?

According to data from CoinGlass, the total liquidation within the period under consideration amounted to $8.12 million. This liquidation came as DOGE plunged in the crypto market, dropping to $0.4018 from an earlier high of $0.4161.

Investors and traders alike had bet on DOGE to continue climbing and possibly test the $0.50 level. However, market volatility and price fluctuations crashed DOGE to its current level.

As of this writing, the DOGE price was trading at $0.4069, a 0.82% drop in the last 24 hours. Investors’ confidence has also hit, as market volume dipped by 25.76% to $4.57 billion. This signals that investors might have adopted a more cautious strategy as DOGE’s performance falls short of the prediction.

Dogecoin’s liquidation saw long-position traders lose $6.39 million as their expectation of sustained price growth crumbled. Meanwhile, short-position traders suffered $1.73 million in liquidations.

Other meme coins, like PEPE, SHIB and WIF, had lesser liquidations of $2.92 million, $1.13 million and $1.99 million, respectively. All three meme coins also had long traders suffering higher liquidation than short traders.

DOGE underperforms despite Bitcoin's rally

Generally, altcoins and meme coins have registered an uptick when the price of Bitcoin climbed. However, despite the appreciable surge in Bitcoin in the last 24 hours, DOGE has continued to fluctuate below the $0.408 resistance level.

Dogecoin rather mirrored Bitcoin in a high liquidation pattern.

Bitcoin, the leading digital asset currently on a price rally, had $59.95 million in liquidations, comprising $42.73 million and $17.21 million for long-position traders.

Ethereum recorded the largest liquidation among altcoins, with $46.72 million. Of this amount, long position traders logged $28.05 million, and short traders logged $18.67 million.