Dogecoin traders have suffered losses of over $65 million in the past 24 hours, marking the largest liquidation event of the year. This comes as the price of Dogecoin dropped drastically after reaching a high of $0.43. Long traders accounted for the majority of the losses, with $54.81 million in long positions being liquidated. Short traders also experienced losses, with $7.90 million in short positions being liquidated. The overall crypto market saw over $1 billion in liquidations, with long traders losing $903.59 million and short traders losing $260 million. These losses were triggered by a drop in the price of Bitcoin, which also affected Dogecoin due to their strong price correlation. The market was further impacted by the launch of Melania Trump's meme coin, which drained liquidity from other coins. Despite the losses, crypto analyst Kevin Capital provided optimism, stating that the cycle is not over and reminding investors of Dogecoin's previous gains during Trump's presidency. Currently, Dogecoin is trading at around $0.36, down over 8% in the last 24 hours.



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