Dogecoin drops to lowest since October 2023 as $7.7M in longs liquidated

Spot price slips, then steadies

Dogecoin fell to $0.063 on Friday, its lowest level since October 2023, and traded around $0.0651 at midday. That was 3.1% below the same time a day earlier, according to CoinGecko data. Over the past 24 hours the range ran from $0.0631 to $0.0671.

The weekly and monthly moves are larger. Dogecoin has lost 9.9% in seven days and 23.4% in 30 days, the market data show. A day earlier the token was already trading below $0.0666, which had been the year's low on Tuesday night.

Leveraged longs carry the loss

The decline hit leveraged traders hardest. Roughly $7.7 million in leveraged long positions on Dogecoin were forcibly closed in one day, according to Alpha Finance data reported by CoinCentral on Friday morning. Liquidated shorts came to only about $349,000.

Futures positioning still leans toward gains even after those losses, the report said. Dogecoin's market capitalisation is also shrinking as the price falls.

A development project near launch

DogeOS, described in the reports as the largest development project around Dogecoin, is close to starting, according to its founder. Jordan Jefferson, the project's founder and CEO, told The Block on Wednesday that the first version is finished and audited.

No fixed launch date has been announced. The reports also note that U.S. funds have made no entry into Dogecoin.

The project raises a question holders did not face before, according to CryptoTicker: where the tokens actually sit when payment coins are moved into applications on a new layer, and into swap platforms and lending protocols.

Wallet update before the weekend

MyDoge, a Dogecoin wallet app, is distributing an intermediate version ahead of a larger update due this weekend, according to the Friday report. The reports give no detail on what changes the update brings.