Dogecoin (DOGEUSDT) Short Traders Pay Negative Funding Fees

Cryptocurrency market doldrums are accumulating, which sometimes results in formation of some weird characteristics. Thus, on June 17, the price of Dogecoin plummeted to a 3-month low of $0.12 (today, on June 20, the price of this coin is around $0.1224). This led to an increase in long liquidations, which reached $44.21 million on the day. This is the highest value YTD. As many know, liquidations are akin to the margin calls: the former occur in the derivatives market of an asset when a trader's position is forcibly closed because there is not enough funds to maintain it.

In contrast, on June 17, short liquidations were worth less than $400,000. Since then, DOGE's funding rate has been mostly negative across all cryptocurrency exchanges. As of the time of writing, the weighted funding rate for this legendary meme coin is -0.003%.