Dogecoin experienced a sharp reversal this week after a brief Monday rally. The meme cryptocurrency reached its peak on Tuesday before entering a steep decline that has persisted through Thursday.
The digital asset hit a high of $0.127 on Wednesday before profit-taking drove prices lower. At the time of writing, Dogecoin trades at $0.1151, representing a 7.74% decline over the past 24 hours. The cryptocurrency shows losses across all major timeframes, including hourly, daily, and weekly charts.
Massive Liquidations Hit Crypto Futures Market
The past 24 hours saw significant turbulence in the crypto derivatives market. Over $509 million in futures positions were liquidated, marking a 57% increase from the previous day. Long positions accounted for the majority of these liquidations as traders betting on continued price appreciation faced losses.
Read more: coinpaper.com
Source: CRYPTO WORLD NETWORK NEWS
