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41.5 Million Dogecoin (DOGE) in 24 Hours as Heavy Liquidation Hits Cryptocurrencies
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With the cryptocurrency sector continuing to decline, Dogecoin (DOGE) seems to have come under fire. Data CoinGlass’s latest data shows Dogecoin is at the forefront of meme coin liquidation, with over $4 million liquidated in 24 hours.
Dogecoin Liquidation in Crossfire
While this $4.92 million liquidation figure in 24 hours is small compared to Bitcoin’s (BTC) $90.06 million, it is still significant for DOGE. At the liquidation milestone, a total of 41,554,054 DOGE has been liquidated so far, with long traders accounting for $4.87 million of the total.
Dogecoin’s surge comes as the first meme coin’s price has dropped 7.89% to $0.1121 in 24 hours. This is its lowest price in the past month, where it has fallen more than 29%.
The meme coin ecosystem is particularly at a tipping point at the moment, with no positive growth among the largest coins in market cap. While PEPPER also recorded over $4 million in liquidations, the expectation is that the increase of over 8,500% in the Shiba Inu (SGHIB) burning speed which would have triggered a recovery of the entire ecosystem did not materialize.
This left the meme coin sector at the mercy of the broader market, which saw the price of Bitcoin drop to $58,000.
Altcoin Market Expectations
Despite the negative turn in the current price trend, Dogecoin and the rest of the meme coins have a very unique trend fundamental ecosystemIn addition to the accumulation of whales and increasing volume, meme coins are like a litmus test for the volatility of the market in general.
The expectation is that as the market continues its free fall, these altcoins could bottom out soon enough. If that happens, the meme coin’s rebound could be more noticeable than the rest of the altcoins.
With DOGE, PEPE and SHIB in the spotlight, the harder they fall, the higher their resurgence could be.
About the author
Godfrey Benjamin
Godfrey Benjamin is a cryptocurrency journalist whose main goal is to inform everyone around him about the prospects of Web 3.0. His love for cryptocurrency began when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. Due to his vast experience in covering various aspects of Web3, Godfrey’s articles have been published on Blockchain.news, Cryptonews, and Coingape, among others.