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Crypto Market Downturn: Dogecoin and Solana Hit at the Heart!

Dogecoin and Solana See Record Losses

Market Wide Impact and Liquidations

Economic Indicators and Market Outlook

What is the future of crypto investors?

The crypto marketplace has entered a phase of correction, wiping out several billion in total market capitalisation. In association with all other major cryptos, Dogecoin (DOGE) and Solana (SOL) led this decline. High leverage, increased selling and broader macro uncertainty, they say, exacerbate the loss.

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Dogecoin and Solana See Record Losses

Dogecoin $DOGE currently trades at $0.3756 and has witnessed around 12% price drop, one of the largest in this crypto market correction. Price recovery couldn’t take place in spite of 60.9 billion DOGE transacted in 24 hours due to enormous selling pressure. Large transactions increased 41.2% but didn’t help DOGE investors.

Solana $SOL followed with a 10% drop to $227. Overbought conditions and general market correction is crushing the token. Token market cap on Solana has lost over $100 billion in a day. Although, Solana’s trading volume increased 43.2% but that’s just a sign of more selling and not good market sentiment.

Market Wide Impact and Liquidations

Other major cryptos like BTC and ETH are also down. BTC lost 6.1% and ETH 4.5%. The altcoins which got affected the most include Cardano’s ADA and XRP, which were both down 14.7% and 10.7% respectively. During the last 24 hour, the total cryptocurrency market cap went down by a hefty 5% as it comes down to about $3.2 trillion.

source: coinmarketcap. com