According to U.Today, Dogecoin (DOGE) is experiencing significant liquidation amid the ongoing downturn in the cryptocurrency industry. CoinGlass data reveals that Dogecoin is leading the meme coin liquidation, with over $4 million liquidated in a 24-hour period. Although this figure is small compared to Bitcoin's $90.06 million, it is still substantial for DOGE. A total of 41,554,054 DOGE has been liquidated so far, with long traders accounting for $4.87 million of the total.
The focus on Dogecoin comes as the price of the first meme coin fell by 7.89% to $0.1121 in 24 hours, marking its lowest price in the past month with a drop of over 29%. The meme coin ecosystem is currently at a tipping point, with no positive growth among the most capitalized coins. PEPE also recorded over $4 million in liquidations, and the anticipated surge in the Shiba Inu (SGHIB) burn rate, which was expected to trigger a recovery across the ecosystem, did not materialize. This has left the meme coin sector vulnerable to the broader market, which has seen Bitcoin's price fall to $58,000.
Despite the current negative price performance, Dogecoin and other meme coins have a unique ecosystem fundamental. Apart from whale accumulation and growing volume, meme coins serve as a litmus test for broad market volatility. It is expected that as the market continues to decline, these altcoins could reach their bottom soon. If this happens, the rebound of meme coins might be more significant compared to other altcoins. With DOGE, PEPE, and SHIB in the spotlight, the harder they fall, the higher their potential resurgence might be.
