Over $4 million in liquidations hits Dogecoin as the meme coin sector faces challenges amidst market decline. Dogecoin’s 7.89% drop to $0.1121 signals a potential bottoming out, with a rebound anticipated for meme coins.
Significant Liquidations Hit Dogecoin Amid Market Decline
Dogecoin (DOGE) has experienced substantial liquidations in the past 24 hours, with over $4 million being liquidated, according to data from CoinGlass. This places Dogecoin at the forefront of the meme coin liquidation trend. Compared to Bitcoin’s (BTC) $90.06 million liquidations, Dogecoin’s $4.92 million might seem smaller but holds significance within the meme coin sector.
Within the last 24 hours, the price of Dogecoin dropped by 7.89% to $0.1121, marking its lowest value in the past month. In total, 41,554,054 DOGE have been liquidated, with long traders contributing $4.87 million of this total.
The broader meme coin ecosystem faces challenges as well. PEPE recorded over $4 million in liquidations, and despite an 8,500% surge in Shiba Inu (SHIB) burn rate, a sector-wide recovery hasn’t emerged. The decline in the broader cryptocurrency market, with Bitcoin’s price falling to $58,000, is also impacting the meme coin sector.
Dogecoin and other meme coins like PEPE and SHIB are affected by market volatility. With the current market downturn, there is an expectation that these altcoins might soon bottom out. If this occurs, a significant rebound in meme coins could be on the horizon.
