Dogecoin (DOGE) is at the top of the list of Bybt.com liquidated in the last 12 hours, with over $ 280 million liquidated on exchanges.
In a rare turn of events, DOGE was liquidated in the amount of $ 282 million at the time of filing. More than Bitcoin (BTC), Ether (ETH) or Ripple (XRP). According to the data, this includes the largest one-time liquidation order that has occurred on Binance. DOGE, which participated in this order, was valued at $ 12,07 million.
This amount represents nearly 40% of the $ 707 million liquidated in the same 12-hour period. BTC followed DOGE with just under $ 120 million liquidated. ETH was then subject to the third largest order, worth about $ 95 million.
According toregistered on the Bybt.com cryptocurrency futures trading platform, about 35% of these liquidations were made on the Huobi exchange. Another 20% was done on Bybit and another 19% on Binance.
The fall of mercy for DOGE
The project has dominated the cryptocurrency market for the past few weeks. He has increased his position from the modest fraction of a penny he was worth back in January. To a large extent, he was helped by the constant posts on Twitter by celebrities such as Tesla CEO Elon Musk. A man who is perhaps equally responsible for the sudden demise of DOGE.
After hitting a record high of $ 0,73 on May 8, the DOGE price continued to hold at $ 0,70 until dawn. Around the same time, Elon Musk hosted Saturday Night Live. After this appearance, in which the tech tycoon made some jokes and mentioned DOGE, the altcoin price changed dramatically. On May 9, in 45 minutes, the cost of DOGE fell from $ 0,66 to $ 0,50.
According to the data, this figure continued to decline in the following hours. Despite the short-term rise from the $ 0,50 position, at the time of publication, the value of DOGE fell even more. As of 15:30 CET, it is valued at $ 0,47. That being said, the same data shows that meme-inspired altcoin remains in the top XNUMX most valuable cryptocurrencies by market cap.
The huge number of liquidations reflects the massive sell-off that Musk's appearance on SNL allegedly sparked. The Robinhood cryptocurrency app suffered from system lags as users rushed to sell their DOGE. This is not the first time an application has crashed due to traffic powered by DOGE.
I think before the month runs out, there would be an increase in rate