Dogecoin (DOGE) At the Forefront of the Meme Coin Liquidation as the Price Drops to $0.1121

With the growing drawdown in the crypto industry, Dogecoin (DOGE) appears to be caught in the crossfire. Data from CoinGlass shows that Dogecoin is at the forefront of the meme coin liquidation with more than $4 million liquidated in 24 hours.

Dogecoin (DOGE) is facing the brunt of the meme coin liquidation, with over $4 million liquidated in 24 hours, according to data from CoinGlass.

This liquidation figure is notably smaller than the $90.06 million for Bitcoin (BTC), but it is still substantial for DOGE.

At the liquidation mark, a total of 41,554,054 DOGE has been liquidated, with long traders accounting for $4.87 million of the total.

Dogecoin's spotlight is due to the 7.89% decrease in the meme coin's price to $0.1121 in 24 hours. This marks its lowest price in the past month, having dropped by over 29%.

The meme coin ecosystem is currently facing challenges, with no positive growth among the most capitalized coins.

Despite PEPE also recording over $4 million in liquidations, the expectation that the over 8,500% surge in the Shiba Inu (SGHIB) burn rate would trigger an ecosystem-wide recovery failed to materialize.

As a result, the meme coin sector is being impacted by the broader market, which has seen the price of Bitcoin fall to $58,000.

However, Dogecoin and the other meme coins have a unique ecosystem fundamental, which is closely tied to the performance of altcoins.

As the market continues its downturn, these altcoins are likely to hit their bottom soon.

If this occurs, the meme coin rebound might be more prominent in comparison to the rest of the altcoins.🎜

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