41.5 Million Dogecoins Liquidated in a Flash!

A spectacular event recently rocked the crypto market: the liquidation of 41.5 million Dogecoin in just 24 hours. This massive liquidation surprised investors and sent a shockwave through the crypto ecosystem.

A storm of liquidations

Dogecoin (DOGE), the famous meme crypto, is at the forefront of liquidations. According to data from CoinGlass, more than 4 million dollars of Dogecoin were liquidated in 24 hours.

Although this figure may seem small compared to 90 million dollars of Bitcoin liquidations, it is nonetheless significant for DOGE. Indeed, during this period, 41,554,054 DOGE were liquidated, the majority from long positions.

This massive liquidation led to a 7.89% drop in the price of Dogecoin, bringing it down to $0.1121, its lowest level in a month.

This decline is part of a broader decline in cryptocurrencies, where even the most capitalized coins show no signs of positive growth.

Several factors contributed to this rapid liquidation. First, the meme coins ecosystem is particularly vulnerable to fluctuations in the crypto market.

Dogecoin, despite its popularity and support from influential figures like Elon Musk, remains a highly speculative cryptocurrency. Expectations of a rebound following the more than 8,500% increase in Shiba Inu’s burn rate were not realized, leaving the meme coins ecosystem in difficulty.

Moreover, the general decline in the crypto market has amplified the pressure on Dogecoin. Bitcoin, for example, fell to $58,000, dragging the entire crypto market with it. This situation has increased volatility, pushing many traders to liquidate their positions to limit their losses.

The outlook for Dogecoin and meme coins

Despite this tumultuous period, there are reasons to hope for a 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. Furthermore, 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 is a stark reminder of the inherent volatility of the crypto market. However, every crisis carries the seeds of rebirth. Some hope to one day see Bitcoin dethrone the dollar.

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Evans S.

Fasciné par le bitcoin depuis 2017, Evariste n’a cessé de se documenter sur le sujet. Si son premier intérêt s’est porté sur le trading, il essaie désormais activement d’appréhender toutes les avancées centrées sur les cryptomonnaies. En tant que rédacteur, il aspire à fournir en permanence un travail de haute qualité qui reflète l’état du secteur dans son ensemble.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.