The cryptocurrency market experienced a significant drop in the last 24 hours, with Bitcoin’s price falling by approximately $3,000. Dogecoin also suffered a substantial decline, losing around 14% during the same period, now priced below $0.19.
According to reports from **CryptoPotato**, this downturn led to a significant liquidation event, wiping out nearly $500 million worth of positions. Most of these were long positions that investors had taken.
Dogecoin, the largest meme coin by total market capitalization, also followed suit but saw an even steeper decline. Over the past day, it has dropped almost 14%, trading at less than $0.19.
In the realm of liquidations, DOGE is among the top altcoins. Data from **CoinGlass** shows that over $16 million in DOGE positions were liquidated in the past day, placing it fourth in line after Bitcoin, Ethereum, and Solana.
Meme coins like DOGE are known for their high volatility compared to other cryptocurrencies, making leveraged traders more susceptible to liquidation due to their price fluctuations. Another example of this volatility is Dogwifhat (WIF), which has seen a more than 17% decrease from its peak of around $4.60 yesterday, currently trading at around $3.80.
Image Source: alfernec / Shutterstock
