#GateMeme Dogecoin (DOGE) Takes a Heavy Hit: 2691% Liquidation Imbalance Shakes the Market

Dogecoin longs were caught off guard as selling pressure hit the broader cryptocurrency market, with the liquidation imbalance reaching as high as 2691%.
The dog-themed cryptocurrency Dogecoin suffered a 2,691% liquidation imbalance following a sharp market sell-off, forcing traders betting on price increases to close leveraged positions.
At press time, affected by the broader sell-off across the cryptocurrency market, Dogecoin had fallen 7.30% over the past 24 hours to $0.083.
Growing expectations that the Federal Reserve may raise interest rates, along with mounting inflation concerns, have challenged the bulls. Dogecoin’s plunge caught traders betting on a price increase off guard. According to CoinGlass data, approximately $8.91 million worth of leveraged Dogecoin positions were liquidated over the past 24 hours, including $8.59 million in long positions and $319,190 in short positions. The imbalance between long and short positions reached as high as 2,691.19%. Dogecoin retreated after surging over the weekend, when its price briefly reached a high of $0.095. Continued selling pressure pushed Dogecoin below the closely watched 200-day moving average at $0.088, marking its fourth consecutive day of declines.
Dogecoin’s price touched a low of $0.083 intraday, which analysts identified as a key support level for maintaining its bullish outlook. If this support level breaks, the next demand zone will be at $0.08.
This week, Dogecoin officially launched on Solana through its integration with Sunrise Protocol, meaning platforms such as Raydium and Jupiter can access Dogecoin.$DOGE