Following recent drawdowns, a lot of new cryptocurrencies, including DOGS, a meme currency connected to Toncoin, show an odd liquidation tendency on the market. DOGS won a $2.72 million liquidation even if the whole amount is less than prior records. In a single day, this translates to more than 2.4 billion DOGS tokens.
DOGS liquidation
The amount of money that investors are prepared to wager on an asset may be revealed via liquidation data, which suggests significant exposure to a certain token. Even though DOGS is relatively young, it has a lot of exposure, particularly from its long traders, who have already witnessed the liquidation of almost $1.7 million. Additionally, there has been a $897,00 liquidation for the short DOGS traders.
To put this in perspective, XRP, a more well-known asset, has recorded less than $800,000, while Dogecoin has only earned $2.79 million, which is significantly less than DOGS.
With the current favourable tendencies around the coin, it makes sense why people are interested in DOGS. The token had a string of astounding upticks last week, as previously reported by U.Today, as it surged to an all-time high (ATH) of $0.001644 around five days ago.
Leading cryptocurrency exchanges that began offering the coin helped spread the word about it. One of the most recent to allow DOGS trading is Crypto.com, increasing its exposure overall.
DOGS top 100 ascension
A meme currency needs to make it through its hype phase before it can be properly adopted. Like BONK and PEPE, DOGS appears to be one of its peers’ biggest success stories so far this year.
The cryptocurrency has made it onto the list of the top 100 digital currencies by market capitalisation, thanks to its remarkable increase over the last week. It was trading at $0.001122 at the time of publication, down 10% in a significant gain pare-off.
Nevertheless, with a market capitalisation of more than $579 million, it continues to rank as the 94th most valuable asset.
