41.5 Million Dogecoin (DOGE) in 24 Hours as Heavy Liquidation Hits Crypto

Dogecoin Struggles Amidst Crypto Market Liquidations

With the ongoing decline in the cryptocurrency industry, Dogecoin (DOGE) has become a casualty of the crossfire. CoinGlass data reveals that DOGE is among the leading meme coins facing liquidation, with over $4 million worth liquidated within 24 hours.

While this liquidation amount pales in comparison to the $90.06 million for Bitcoin (BTC), it is still a significant figure for DOGE. As of the liquidation point, approximately 41,554,054 DOGE have been liquidated, with long traders accounting for $4.87 million of the total.

The focus on Dogecoin stems from its recent price drop of 7.89% to $0.1121 in 24 hours. This marks its lowest price point in the past month, representing a decline of over 29%.

The meme coin ecosystem as a whole is currently at a critical juncture, with no positive growth among the most capitalized coins. Despite PEPE also experiencing liquidations exceeding $4 million, expectations of a market recovery fueled by Shiba Inu's (SHIB) surge in burn rate have not come to fruition.

As a result, the meme coin sector has become vulnerable to the broader market downturn, which has witnessed Bitcoin跌至$58,000.

Despite the unfavorable market conditions, Dogecoin and other meme coins possess unique ecosystem fundamentals. Apart from whale accumulation and increasing volume, meme coins serve as a litmus test for overall market volatility.

Analysts anticipate that as the market continues its descent, these altcoins may soon reach their bottom. If this occurs, meme coins could potentially experience a more substantial rebound compared to other altcoins.

With DOGE, PEPE, and SHIB in the spotlight, it is suggested that the more significant their decline, the more pronounced their potential resurgence.