Dogecoin longs are absorbing the brunt of the latest crypto selloff, with CoinGlass data showing long liquidations outpacing shorts by 1,453%. The meme coin has also shed $55 million in spot outflows over four days, broken a key technical support level, and seen zero ETF inflows in October.
Dogecoin bulls are taking the heaviest losses as the broader crypto market pulls back. Liquidations are skewed toward longs by 1,453%, according to CoinGlass data cited by U.Today. A total of $7.32 million in long positions was wiped out against just $503,630 in shorts, for $7.82 million in liquidations on the coin. Dogecoin was down 1.26% in the last 24 hours to $0.0873, and down 7.26% weekly at the time of that report.
Spot outflows and fading ETF demand
The pressure extends beyond leveraged trading. Dogecoin has amassed $55 million in spot outflows in the four days leading up to October 8, according to CoinGlass data cited by CoinGape. The selling followed Bitcoin falling below $84,000 after the release of hawkish FOMC minutes.
Separately, Dogecoin has recorded $16 million in long liquidations within two days. Meanwhile, Dogecoin ETFs have not recorded any inflows in October.
Short sellers move in as open interest falls
Traders are already positioning for further declines. One trader, '0xdd6a', opened 20x shorts on BTC, ETH, SOL, XRP, and DOGE on Aster for a total position of $26.5 million, netting $586,000 in unrealized profit. The 48.37 million DOGE portion of that position, worth $4.24 million, accounted for $224,000 of the gains.
Whale Alert also flagged 304,709,765 DOGE worth $27,045,644 moving from an unknown wallet to Binance as selling pressure persisted. Dogecoin's open interest has dropped from $1.53 billion to $1.38 billion, suggesting reduced demand for futures positions. Its long/short reading fell to 0.89 as traders opened more short positions.
Price breaks support, bears eye $0.078
Dogecoin has dropped below the support at the 61.8% Fib level of $0.092. The coin now eyes a retest of the next support at $0.083, which could fuel a downtrend toward $0.078. Its RSI reading of 42 points to bearish territory, though it has yet to enter oversold levels below 30, leaving room for prices to fall further.
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