- Dogecoin’s price dumped over 23%, falling from $0.11898 to $0.09166.
- Over $11.95 million in DOGE was liquidated in the past 24 hours, mainly from long positions.
In the past 24 hours, Dogecoin (DOGE) has displayed a sharp decline of over 23%, plummeting from a high of $0.11898 to a low of $0.09166. This drop brings DOGE closer to reaching a new low for the year and reflects the broader impact of Bitcoin’s recent slide to $53,000, which triggered a widespread sell-off across the crypto market.
The close correlation between major cryptocurrencies was evident as Dogecoin mirrored Bitcoin’s fall. At the time of writing, DOGE shows some recovery and is trading at $0.09584, and the market cap stands at $14.14 billion, with a daily trading volume surging over 69% to $1.69 billion.
The famous meme crypto is at the forefront of liquidations. The data from CoinGlass indicates that over $11.95 million worth of DOGE was liquidated within the past day. This included $10.98 million in long positions and $963,430 in short positions. This caused DOGE to fall by 23% to $0.09166, marking its lowest level in five months.
Although this figure may seem small compared to the $226 million in Bitcoin liquidations, the process led to a sharp price drop in the global market cap.
Dogecoin Downtrend Will Stay?
Several factors have fueled this substantial liquidation. The memecoin ecosystem is particularly susceptible to market fluctuations. Despite Dogecoin’s widespread popularity and backing from high-profile figures like Elon Musk, it remains a highly speculative asset.
Further, Bitcoin fell, letting the entire market follow suit, increasing volatility and prompting many traders to liquidate their positions to mitigate losses.
Despite these setbacks, Dogecoin supporters remain optimistic about its long-term potential, citing its strong community and utility in online transactions. According to the Dogecoin price prediction, if DOGE manages to recover, it could establish a key resistance level at $0.1187, potentially leading to a further rally towards $0.1267 and a monthly high of $0.161.
Conversely, if Dogecoin continues to decline, it could establish support at $0.8979 and further drop to $0.8312, potentially reaching a yearly low of $0.07515. The coming days will be crucial in determining Dogecoin’s trajectory amidst the ongoing market volatility.
