DOGE suffers huge liquidations as meme coin sector bleeds
The 18% drop leaves DOGE with approximately $60 million in long liquidations.
On-chain evidence suggests DOGE might get $0.109 support.
Losses by WIF, BRETT, and MAGA down meme coin sector by almost 16%.
On Tuesday, meme currency tokens like Dogecoin (DOGE) lost approximately $60 million.
DOGE liquidations approach Bitcoin.
DOGE's 18% drop in three hours caused $60 million in long liquidations on Tuesday. This is DOGE's biggest daily liquidation since May 2021. DOGE OI fell 11% in 24 hours.
DOGE liquidations neared Bitcoin and Ethereum levels, which have greater market capitalization and trading volumes.
Whales lowering their shares may have caused DOGE decline. IntoTheBlock data shows that addresses controlling more than 0.1% of DOGE have dropped from 45% to 41%. Instead, merchants and mid-sized investors have increased their shares.
At its largest accumulation zone, buyers bought approximately 43 billion DOGE at $0.109, which may support the top meme cryptocurrency.
Other meme tokens share losses
The overall meme industry fell around 16% on Tuesday because to the crypto market slump. Dogwifhat (WIF) from Solana has dropped almost 20% in the previous 24 hours. Base meme currency BRETT fell 16%, bringing its weekly losses to 20%.
After Pirate Wires reported that Republican Presidential candidate Donald Trump is producing an official token with the ticker "DJT." MAGA, also known as the TRUMP meme currency, lost 20%. The former President has not confirmed the reports.
BEER meme currency, introduced less than a month ago, fell 48% in 24 hours, bringing its weekly losses to above 80%. Several rumors of insiders or team members dumping the currency may have hastened the drop.
