Dogecoin leads amid market correction, pumps meme crypto cap

Dogecoin (DOGE), the biggest meme crypto, is leading with gains when most digital tokens are trading down. Data suggests that the cumulative crypto market cap dropped by around 1.5% over the past day to stand at $1.42 trillion. This sudden drop in the market seems to be a minor correction after Bitcoin’s rally to regain the $38k price level.

Dogecoin price jumped by more than 2% in the last 24 hours. DOGE is trading at an average price of $0.082, at the press time. Its 24 hour trading volume is marginally up by 1.2% to stand at $637 million. 

DOGE price surge helped the meme crypto market cap to surge by around 0.36%. It now stands at $18.7 billion. The trading volume registered a surge of more than 6% in the last 24 hours to stand at $1.3 billion.

As per the Coinglass data, more than 36k traders got liquidated in the last 24 hours. The cumulative liquidations recorded by the tracker come in at $62.15 million. While the single largest liquidation order took place on the crypto exchange OKX of $608K.

As we dig in, data depicts that around $1.46 million of long and short positions set on Dogecoin price got liquidated in the last 24 hours. However, $952k worth of short positions (66%) set on DOGE price got liquidated. This suggests that traders were hoping for Dogecoin price to decline, while, it managed to surge against market sentiments.

Bitcoin, the biggest crypto asset price dropped marginally on Thursday after recording a major rally to regain the crucial $38k price level. However, BTC is trading at an average price of $37,713, at the press time. 

However, Bitcoin’s recent price surge was backed by Federal Reserve Governor Chris Waller’s statement on the recent data indicating an economic slowdown and ongoing moderation in inflation. This suggested that U.S. Federal Reserve policy is in an appropriate position.

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