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Futures tracking the popular dogecoin (DOGE) tokens racked up $26 million in liquidations in the past 24 hours in a higher-than-usual move, data from Coinglass shows.
Both longs – or bets on – and shorts – or bets against – were nearly equally impacted. Longs saw $10 million in liquidations while shorts took on $13 million. Traders on crypto exchange OKX were the most impacted, taking on $12 million in losses on dogecoin futures positions.
Open interest, or the number of unsettled futures contracts, on dogecoin futures surged to over $580 million.