Dogecoin (DOGE) has seen a significant spike in long liquidations, surpassing $60 million in the past 24 hours as its price fell below the $0.12 mark. Remarkably, Dogecoin's liquidations were on par with those of Bitcoin, which also experienced just over $60 million in liquidations during the same timeframe. Given Bitcoin's much larger trading volume and market capitalization, this marked the most substantial daily liquidation event for Dogecoin since May 2021.

Dogecoin's trading metrics reveal a bearish sentiment among traders. Open interest in Dogecoin futures, representing the number of unsettled futures contracts, has dropped by over 18% to $642 million. Additionally, the long-short ratio for Dogecoin futures is now above 0.9, suggesting that traders are increasingly betting on further price declines. DOGE is down 8.6% in the past week, but has recovered slightly over the past 24 hours and traded up by 3.8%.

Large-cap memecoins in general have been trending downward. Shiba Inu (SHIB) and Pepe (PEPE) both dropped 8.8% over the past week, while leading Solana-based memecoin Dogwifhat (WIF) fell over 16.2%, according to CoinMarketCap data. The broader downtrend in memecoins and altcoins comes on the back of a decline in Bitcoin (BTC) price, which is down 2.88% in the past week.

The broader cryptocurrency market saw over $444 million in liquidations during the same period. According to Coinglass, the bulk of these liquidations, approximately $382 million, were long positions, indicating a widespread market downturn.