Recent data shows Dogecoin experiencing a notable liquidation of around $4.92 million, coinciding with a 7.89% price drop. The broader meme coin ecosystem, including Shiba Inu and PEPE, also faces a downturn amidst market pressures and lack of positive trends. Analysts anticipate a potential rebound for these altcoins as the market continues to decline.
In recent developments within the cryptocurrency market, Dogecoin (DOGE) has experienced significant liquidation activity. Data from CoinGlass indicates that around $4.92 million worth of Dogecoin was liquidated within a 24-hour period. Although this amount pales in comparison to Bitcoin’s $90.06 million liquidated over the same period, it is a notable figure for Dogecoin.
The liquidation saw a total of 41,554,054 DOGE affected, with long traders accounting for approximately $4.87 million of the total liquidated assets. This coincided with a 7.89% drop in Dogecoin’s price, bringing it down to $0.1121, marking its lowest price in the past month and showing a decline of more than 29%.
In the broader context, the meme coin ecosystem, which includes other leading tokens like PEPE and Shiba Inu (SHHIB), is currently facing a downturn, with no positive trends among the most capitalized coins. Despite an over 8,500% surge in the Shiba Inu burn rate, anticipated market recovery has not occurred, placing the meme coin sector under additional pressure.
The general cryptocurrency market, including these meme coins, continues to be influenced by the broader market downturn, as seen with Bitcoin’s price falling to around $58,000. Market analysts suggest that as the market continues to decline, there could be an eventual rebound for these altcoins, potentially leading to a more significant resurgence for Dogecoin and its counterparts.
