$DOGE and $SOL Lead Double-Digit Losses as Crypto Market Faces Sharp Downturn
The cryptocurrency market has experienced a significant downturn, with major digital assets posting notable losses. Dogecoin (DOGE) and Cardano (ADA) have been among the biggest losers, with $DOGE down 12% and ADA dropping 14.7%. Solana (SOL) also saw a decline of 10%, trading at $227, while XRP fell 10.7% to $1.33. Even Bitcoin (BTC) and Ethereum (ETH) were not spared, losing 6.1% and 4.5%, respectively. Overall, the market capitalization of cryptocurrencies has decreased by 5% in the past 24 hours, falling to $3.2 trillion.
Dogecoin saw an increase in network activity, with 60.9 billion tokens transacted within a day and a 41.2% rise in large transactions. However, this activity failed to support its price, which currently trades at $0.3756, down 9.7%. Trading volumes for DOGE rose by 23.7%, but selling pressure has overshadowed any signs of recovery.
Solana (SOL) also faced a sharp decline. Trading at $230, the token’s price has been affected by market-wide corrections and technical indicators suggesting overbought conditions. The total market capitalization of Solana-based tokens dropped from $347.8 billion to $228.8 billion within a day, with trading volume increasing by 43.2% as sell-offs intensified.
The broader market downturn has resulted in extensive liquidations. Data from CoinGlass revealed that over $691 million in crypto positions were liquidated, with Bitcoin accounting for $150 million of these losses. The largest single liquidation involved a Binance trader, losing $4.67 million on a long position. In total, more than 180,000 accounts were affected by the liquidations.