Dogecoin (DOGE) has witnessed a substantial decline of over 10% recently, falling below the crucial $0.12 mark, as the cryptocurrency market experienced a surge in long liquidations totaling more than $60 million within a 24-hour period.

This recent spike in liquidations for Dogecoin is particularly notable given its comparison to Bitcoin, which also saw approximately $60 million in liquidations during the same timeframe. Despite Bitcoin's significantly larger market cap and trading volume, Dogecoin's liquidation amount represents its most substantial daily figure since May 2021, highlighting the impact of the current market volatility.

Across the broader cryptocurrency landscape, total liquidations amounted to more than $444 million during this period, with a significant majority—around $382 million—attributed to liquidated long positions alone, as reported by Coinglass data.

The bearish sentiment surrounding Dogecoin is further underscored by trends in its futures market. Open interest in Dogecoin futures has declined by over 18%, settling at approximately $642 million. Moreover, the long-short ratio for Dogecoin futures has risen above 0.9, indicating a prevailing bearish bias among traders who are positioning themselves for further downside potential.

In conjunction with other large-cap memecoins, Dogecoin's decline has contributed to a substantial drop in The Block's GMCI Meme index, which fell by more than 10% over the past day to 249.41, reflecting the broader negative sentiment in the meme coin sector.

At the time of reporting, Dogecoin is trading around $0.119 according to The Block’s price page, marking a significant decrease within the past 24 hours. The memecoin's price action continues to be closely monitored amid ongoing market volatility and the impact of liquidation pressures on its performance.

The recent downturn in Dogecoin highlights the challenges faced by meme coins amidst broader market corrections, emphasizing the volatility and speculative nature inherent in these digital assets. As the market continues to navigate these fluctuations, traders and investors alike are closely watching for potential support levels and market dynamics that could influence Dogecoin's future trajectory.