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TL;DR
- The cryptocurrency market tumbled in the past 24 hours as Bitcoin’s price crashed by around $3K.
- Dogecoin dropped even further, losing some 14% in the same period, now trading below $0.19.
The cryptocurrency market has taken a beating throughout the past 24 hours, with most altcoins dropping considerably.
As CryptoPotato reported, this resulted in a significant liquidation flush as close to $500 million positions were wiped off. Most of them, quite expectedly, were long positions.
Dogecoin also followed the market but declined even further. The world’s largest meme coin by means of total market capitalization is currently down almost 14% in the past 24 hours, trading below $0.19.
As a matter of fact, DOGE is one of the leading altcoins in terms of total liquidations. Data from CoinGlass reveals that there are over $16 million liquidated DOGE positions in the past 24 hours, placing it fourth behind Bitcoin, Ethereum, and Solana.
Meme coins tend to be more volatile compared to other cryptocurrencies, and they carry higher risks of liquidation for leveraged traders because of their price swings. An example of this from today, other than DOGE, is Dogwifhat (WIF).
WIF dropped by more than 17% since yesterday’s peak at around $4.60 and is currently trading at around $3.80.
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