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Why Dogecoin Is Plummeting Today

TheMotleyFool

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Since yesterday afternoon, the price of the meme token Dogecoin (CRYPTO: DOGE) is trading 8.6% lower as of 10:31 a.m. ET today. There is no obvious reason behind the move, but the broader crypto market seems to be struggling due to large liquidations.

According to a markets-based newsletter called the Kobeissi Letter with nearly 1 million followers on X, over $1 billion of long positions on Bitcoin, the world's largest cryptocurrency, were recently liquidated after Bitcoin's price began to fall. The Kobeissi Letter said it has been tracking this trend for over a year and large Sunday-night sales have become common.

Image source: Getty Images.

Source Fool.com

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