Dogecoin (DOGE) bloodbath: 41.5 million DOGE liquidated in 24 hours, price drops 7.89%

A storm of liquidations Dogecoin (DOGE), the famous meme crypto, is at the forefront of liquidations. According to data from CoinGlass, more than 4

output: A Spectacular Event: 41.5 Million Dogecoin Liquidated in 24 Hours

In a recent development that sent shockwaves through the crypto market, over 41.5 million Dogecoin were liquidated in just 24 hours, highlighting the turbulent state of the digital asset landscape.

CoinGlass data reveals that Dogecoin, the renowned meme crypto, faced substantial liquidations during this period. While this figure pales in comparison to the massive 90 million dollars liquidated in Bitcoin trades, it nevertheless had a significant impact on DOGE. Specifically, 41,554,0054 DOGE were liquidated, with the majority stemming from long positions.

This large-scale liquidation contributed to a 7.89% decrease in the price of Dogecoin, bringing it down to $0.1121, marking its lowest price point in a month. This decline aligns with a broader downturn in the cryptocurrency market, where even the most capitalized coins, such as Bitcoin, exhibited no signs of positive growth.

Several converging factors appear to have influenced this rapid liquidation. Meme coins, like Dogecoin, are inherently more susceptible to drastic fluctuations in the crypto market.

Despite its popularity and the support of influential figures like Elon Musk, Dogecoin is fundamentally a highly speculative cryptocurrency. Anticipations of a rebound, following the news of Shiba Inu's burning rate reaching an all-time high of over 8,500%, failed to materialize, leaving the meme coins ecosystem struggling.

Furthermore, the overall downturn in the crypto market placed additional pressure on Dogecoin. For instance, Bitcoin dropped to as low as $58,000 during this period, dragging the entire crypto market down with it. This situation naturally led to increased volatility, ultimately leading many traders to liquidate their positions to minimize their losses.

However, despite this tumultuous period, there is still reason to believe in a potential rebound for Dogecoin and other meme coins. Historically, meme coins have often served as a barometer for the overall volatility of the crypto market.

When the market hits its lowest point, these cryptocurrencies often have the ability to rebound more strongly than other altcoins. Accumulation by “whales” and increased trading volumes are positive signs for Dogecoin. Additionally, the loyal and passionate community that supports these coins could play a crucial role in their resurgence. If the overall market stabilizes, meme coins could see a spectacular rise.

The massive liquidation of 41.5 million Dogecoin in 24 hours serves as a stark reminder of the inherent volatility of the crypto market. Yet, every crisis carries the seeds of rebirth. Some hope to one day see Bitcoin dethrone the dollar.

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