Dogecoin (DOGE) has retreated sharply from the multi-month highs of $0.1075 reached on Monday, as excessive bullish momentum built up during its price rally over the past few weeks has subsided.

Dogecoin-DOGE recently traded near $0.0940, down more than 12% from Monday amid a wave of liquidation of investment positions betting on the rise in the futures market.

According to Coinglass.com, more than $9 million worth of bullish futures positions were liquidated on Monday, the largest amount liquidated in a single day in at least three months.

The open interest financing rate paid to open leveraged futures contracts also decreased from its highest levels in several months, which it reached earlier this December, to recently settle at 0.0233%, compared to the highest levels it reached last Saturday, which exceeded 0.05%.

This indicates that the recent liquidations had a negative impact on the bulls, as they weakened the demand for opening new bullish futures investment positions, despite the market continuing its upward trend with the financing rate remaining in the positive zone.