In a significant blow to Dogecoin (DOGE) bulls, long trades worth $60 million were liquidated in the past 24 hours, surpassing the losses seen in Bitcoin (BTC) futures. This massive sell-off was triggered by a 10% drop in DOGE prices, reflecting a broader market downturn and bearish sentiment in the crypto space.

The liquidations occurred as the DOGE price plummeted, briefly recovering later in the day. The CoinDesk 20 Index (CD20), a measure of the broader crypto market, fell 3.4% in the past 24 hours, with BTC long bets losing $47 million and Ether (ETH) bullish bets losing $76 million. Overall, crypto longs lost over $440 million, with profit-taking and dollar strength weighing on the market.

According to Lucy Hu, a senior analyst at Metalpha, the meme coin market has experienced a general pullback this month, with bitcoin prices facing pressure. The expectation of a rate cut by the Fed has led investors to divert from risky assets to less risky ones, affecting DOGE, one of the largest meme coins on the market.

Data from Coinanlyze shows that almost all the DOGE liquidation activity in the past 24 hours came from longs, with only $600,000 worth of shorts being liquidated. The figures are the highest for DOGE futures since May 2021, with over $44 million of the liquidations occurring on Huobi, a crypto exchange popular with Asia-based traders. Open interest has dropped 16% to $600 million, indicating a bearish bias.

In conclusion, the significant liquidations in Dogecoin futures have resulted in substantial losses for bulls, highlighting the market's bearish sentiment. As the crypto market continues to experience volatility, investors are advised to exercise caution and monitor market trends closely.