Dogecoin (DOGE) is at the top of the Bybt.com liquidations list from the last 12 hours, with over $280 million liquidated across exchanges.
In a rare turn of events, DOGE was the subject of, at time of reporting, $282 million worth of liquidations. More than Bitcoin (BTC), Ether (ETH) or Ripple (XRP). According to data, that includes the largest single liquidation order, which occurred on Binance. The DOGE involved in this order was valued at $12.07 million.
This amount accounts for nearly 40% of the $707 million cryptocurrencies liquidated in the same 12-hour period. BTC followed DOGE with just under $120 million liquidated. Then ETH was the subject of the third-most orders, amounting to another near $95 million worth.
According to data recorded on cryptocurrency futures trading and information platform Bybt.com, around 35% of these liquidations were made on the Huobi exchange. A further 20% were made on Bybit and another near 19% on Binance.
A fall from grace for DOGE
DOGE has dominated the cryptocurrency space over the past few weeks. It has accelerated its position from the lowly fraction of a penny it was worth back in January. Helped along in no small amount by continued plugging on Twitter by celebrities such as Tesla CEO Elon Musk. A man who may, arguably, be just as responsible for DOGE’s sudden decline.
After hitting an all-time high of $0.73 on May 8, DOGE’s price maintained course along the $0.70 until the small hours. Around which time, Elon Musk hosted Saturday Night Live. Following this appearance, in which the tech mogul made several quips and mentions of DOGE, the altcoin’s price took a sudden, sharp turn. In the space of 45 minutes on May 9, DOGE’s value crashed from $0.66 to $0.50.
That has only continued to decline in the ensuing hours, according to data. Despite a brief clamber back up from the $0.50 position, at time of reporting, the value of DOGE has fallen even further. As of 15:30 CET, it is valued at $0.47. All this being said, the same data indicates that the meme-inspired altcoin remains in the top five most valuable cryptocurrencies by market cap.
The vast number of liquidations reflect the mass sell-off that Musk’s SNL appearance allegedly sparked. Crypto trading app Robinhood suffered system downtime amid users’ rush to sell off their DOGE. This is not the first time the app has crashed on account of DOGE-fuelled traffic.