Dogecoin (DOGE) Plummets Due to Market Crash, $29 Million Vanishes Into Thin Air
Recently, the significant decline in the value of crypto assets has led to a total liquidation loss of approximately $787 million across various digital assets.
Once regarded as a joke, Dogecoin has also become one of the assets severely affected by this disaster.
In the recent market turmoil, the liquidation amount for Dogecoin reached approximately $29 million, with long positions suffering the most significant losses.
In just a brief span of 24 hours, the price of Dogecoin fell sharply to a low of $0.34, and although it stabilized slightly afterward, its price only maintained around $0.365, resulting in an overall drop of 6.05%. The market performance is worrisome, and its future direction increasingly draws the attention and speculation of various market participants.
In the past 24 hours, Dogecoin's market has experienced extreme fluctuations, with approximately $24 million in bullish bets liquidated, while short positions also lost $5.93 million, highlighting the current extreme volatility.
Currently, Dogecoin is nearing a critical support level, and if the trend does not reverse, its price may fall below the $0.20 mark. The subsequent direction remains uncertain, and market participants are on high alert, closely monitoring its developments. Every slight movement of Dogecoin affects investors' hearts, and its future fate is filled with uncertainty and variables amid the market's waves.
Although Dogecoin faces numerous difficulties at present, market observers still hold high hopes for its future.
Some analysts point out that if Dogecoin can maintain a weekly closing price above $0.26, it will help initiate a rebound journey toward higher targets. However, the ongoing market pressure and unpredictable circumstances cast a shadow over this expectation.
