The cryptocurrency market faced a sharp decline on Wednesday, with Dogecoin (DOGE) and Shiba Inu (SHIB) leading the way. Dogecoin fell 12%, while Shiba Inu fell 18% in just 24 hours.
This sudden drop led to mass liquidations, with Dogecoin seeing a liquidation value of $115.80 million and Shiba Inu facing a liquidation value of $19.08 million.
The market downturn occurred within just six hours, hitting leveraged traders the hardest. According to Coinglass, more than $902 million was liquidated during that period, affecting 284,782 traders. The sell-off caused significant losses as leveraged traders were forced to exit their positions.
Dogecoin, currently priced at $0.3671, has dropped 12% over the past 24 hours. With a market cap of $53.88 billion and a circulating supply of 146.77 billion DOGE coins, the coin is facing significant volatility. Dogecoin's 24-hour trading volume is $37.15 billion.
In contrast, Shiba Inu has seen a larger drop of 18.43%, with its current price at $0.000024. Despite the drop, its market cap is $14.2 billion and it has 589.26 trillion SHIB in circulation. Shiba Inu's 24-hour trading volume is $4.39 billion.
The rapid decline left many leveraged traders with heavy losses, with a total of $115.8 million worth of Dogecoin and $19.08 million worth of Shiba Inu being liquidated. In total, 284,394 traders were liquidated within 24 hours.
This sharp market correction highlights the risks of using leverage in volatile markets, especially for retail traders.
