$4.5M Dogecoin Liquidated Amid Silvergate Uncertainty

Dogecoin DOGE/USD dropped 7% in the last 24 hours, as major cryptocurrency firms continue to distance themselves from Silvergate Capital SI.

What Happened: CoinGlass data showed that over $4.54 million worth of DOGE was liquidated within the last four hours. OKX alone saw liquidations worth $2.10 million, followed by Binance with $1 million.

Across the crypto market, liquidations totaled a staggering $251 million, affecting 84,484 traders.

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Dogecoin saw its liquidations fall behind Bitcoin BTC/USD and Ethereum ETH/USD in the last four hours, with BTC overflowing at $76 million while ETH hit a staggering $40 million.

During the U.S. trading day, Silvergate’s stock dropped over 50% as crypto clients fled the bank over bankruptcy concerns.

Price Action: At the time of writing, DOGE was trading at $0.075, in the last 24 hours, according to Benzinga Pro.