With the recent pullback, the Dogecoin derivatives market reflects a massive wipeout of bullish positions. Over the past 24 hours, the long liquidations account for $5.19 million. Meanwhile, short liquidations were only $416k. This reflects more than ten times the number of bullish positions wiped out in comparison to the counterpart.
Additionally, open interest in DOGE is down by 1.42% to $2.07 billion, suggesting waning trader participation. However, in the short term, sentiments recover as the OI-weighted funding rate surges to 0.0080% after dipping to 0.0020% within the past 24 hours.