Dogecoin (DOGE) experiences a bearish trend with a 6.72% price drop in the last 24 hours, now at $0.1116. The meme coin faces liquidations of over $4 million, leading the meme currency liquidation category. Despite forecasts for slight price increases, DOGE and meme coins like PEPE and SHIB are under significant pressure amidst a broader market drawdown, with Bitcoin dipping below $60,000.
Dogecoin (DOGE) continues to experience a bearish trend, with its price currently at $0.1116 after a 6.72% drop in the past 24 hours. Earlier, the meme coin hit a low of $0.1103. This marks a significant decline from its all-time high of $0.7376 on May 8, 2021, putting it 84.9% below that peak.
In the past day, Dogecoin saw over $4 million in liquidations, leading the meme currency liquidation category according to CoinGlass. Of the $4.92 million liquidated, long traders accounted for $4.87 million, covering 41,554,054 DOGE.
Billy Markus, Dogecoin’s co-founder, expressed his frustrations on X (formerly Twitter) regarding the sharp decline in Bitcoin, which has dipped below $60,000. Markus, who owns 0.006 BTC, hinted in his tweets that he prefers Bitcoin over Dogecoin.
According to forecasts from Changelly, Dogecoin might see slight price increases over the weekend, with expectations to trade at around $0.117331 on Saturday and $0.11690 on Sunday.
Data also highlight that the meme coin sector is currently under significant pressure amid a broader market drawdown. DOGE, along with other meme coins like PEPE and SHIB, has faced large-scale liquidations, and the market remains volatile with the price of Bitcoin falling to $58,000.
Despite the current downturn, some analysts suggest that if the market hits its bottom soon, meme coins may see a more pronounced rebound compared to other altcoins.
