Dogecoin price: $7.7 million in longs liquidated

The Dogecoin price slipped to $0.063 on Friday and traded at around $0.0651 at midday, 3.1 percent lower than 24 hours earlier. The decline hit leveraged traders hardest. Within a day, leveraged long positions on Dogecoin worth about $7.7 million were forcibly closed, according to Alpha Finance data published on Friday morning by the industry site CoinCentral. Short liquidations came to only about $349,000.

What is established: DOGE is trading at its lowest level since October 2023, the futures market remains positioned mostly for rising prices despite the losses, and the MyDoge wallet app is rolling out an interim release ahead of a larger update at the weekend. Our assessment follows further down. As long as buyers do not return to the spot market, there is little to suggest a quick recovery.

Dogecoin price on Friday: daily low of $0.063, the lowest since October 2023

Over the past 24 hours the range ran from $0.0631 to $0.0671, according to CoinGecko data. Over seven days Dogecoin has lost 9.9 percent, over 30 days 23.4 percent. Its market capitalisation is around $10.2 billion.

How deep that is shows up in our own analysis of weekly candles for the DOGE-USDT pair on the OKX exchange since February 2021. A weekly low of $0.063 or below last occurred in the week around October 22, 2023. The low then was $0.0607, and two weeks earlier $0.0562. On Tuesday DOGE still stood at $0.067, the level of November 2023, so in three days the price has fallen back by another month of price history.