Cryptocurrency Market Plunges, Led by Dogecoin and Shiba Inu

On Wednesday, the cryptocurrency market experienced a severe decline, with Dogecoin (DOGE) and Shiba Inu (SHIB) suffering the most significant losses.

Dogecoin and Shiba Inu Crash

Dogecoin plummeted by 12%, while Shiba Inu crashed by 18% in just 24 hours. This led to massive liquidations, with Dogecoin seeing $115.80 million worth of positions eliminated and Shiba Inu facing $19.08 million in liquidations.

Market Downturn

The market downturn occurred over just six hours and particularly impacted leveraged traders. According to Coinglass, over $902 million in liquidations occurred during this period, affecting 284,782 traders.

Dogecoin Performance

Dogecoin's price currently stands at $0.3671, down 12% in the past 24 hours. With a market capitalization of $53.88 billion and a circulating supply of 146.77 billion DOGE coins, the cryptocurrency is experiencing significant volatility.

Shiba Inu Performance

Shiba Inu has seen a more significant decline of 18.43%, with its price now at $0.000024. Despite the drop, it boasts a market capitalization of $14.2 billion and has a circulating supply of 589.26 trillion SHIB coins.

Leveraged Trading Risks

The rapid decline highlighted the risks of leveraging in volatile markets, particularly for retail traders. The heavy losses incurred by leveraged traders emphasize the importance of managing risk in cryptocurrency trading.