41.5 Million Dogecoin (DOGE) in 24 Hours as Heavy Liquidation Hits Crypto
Release: 2024/07/04 18:01 Reading: 673
Dogecoin Liquidation Amid Crypto Market Downturn
Facing the ongoing crypto market decline, Dogecoin (DOGE) has become a focal point of meme coin liquidations. According to CoinGlass data, DOGE has experienced over $4 million in liquidations within a 24-hour period.
Dogecoin Liquidation Impact
Although this liquidation figure is notably smaller than Bitcoin's (BTC) $90.06 million, it remains significant for DOGE. To date, approximately 41,554,054 DOGE has been liquidated, with long traders accounting for $4.87 million.
Price Decline and Market Impact
This liquidation surge follows a 7.89% drop in the price of DOGE, reaching $0.1121 within 24 hours. Historically, this marks its lowest monthly price, representing a decline of over 29%.
The meme coin ecosystem faces a critical juncture, lacking positive growth among its largest coins. Despite PEPE also experiencing liquidations exceeding $4 million, the expectation that Shiba Inu's (SGHIB) dramatic burn rate surge would revitalize the ecosystem has not materialized.
This has left the meme coin sector vulnerable to the broader market trend, which has seen Bitcoin's price fall to $58,000.
Altcoin Market Expectations
Despite the adverse price movements, Dogecoin and other meme coins possess unique ecosystem fundamentals. Beyond whale accumulation and increasing volume, meme coins serve as indicators of market volatility.
As the market continues its downtrend, expectations are high that these altcoins may soon reach their lowest point. If this occurs, the subsequent meme coin rebound could significantly outperform the rest of the altcoin market.
With DOGE, PEPE, and SHIB in the spotlight, their ultimate resurgence may be directly proportional to the extent of their current decline.
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