Dogecoin (DOGE) traders have suffered liquidation in the last 24 hours amid the price volatility that hit the meme coin. CoinGlass data shows that traders betting on the asset were stunned as $3.61 million worth of DOGE was wiped out within this period.

Dogecoin price dip triggers unexpected losses

Notably, the market experienced a massive 123% liquidation imbalance, as long position traders lost more. Investors betting long on DOGE lost a total of $2.89 million. Investors into the ecosystem might have considered the green candles from the past seven days and felt confident about a further uptick.

However, DOGE faced resistance after reclaiming $0.180 and plunged to a low of $0.1746. The dog-themed meme coin breached several support levels in the process. This development upset the projected price for long position traders.

Traders who bet short on DOGE lost less than a million dollars of investment. Short position traders saw only $720,160 wiped out.

As of press time, the DOGE price was trading at $0.1789, representing a 1.16% decline in the last 24 hours. Trading volume has also decreased slightly by 9.32% to $1.1 billion within the same period.

Despite this, the ecosystem sentiment remains bullish. This might be connected with the recent activities of DOGE whales, whose transactions surged by over 500%. The spike signals that large investors anticipate a further rise in price.

DOGE diverges from Bitcoin as traders eye may upside

On the broader cryptocurrency market, Bitcoin (BTC) did not experience a marked imbalance in its total liquidation of $40.72 million. Long position traders lost $20.47 million, while short position traders lost $20.25 million.

This suggests that DOGE price action did not mirror Bitcoin on the crypto market within this period.

Despite the liquidation, market participants have set their eyes on May, which has historically resulted in gains for the leading meme coin.