Dogecoin has plunged to a month-low of $0.267, down 19% in 24 hours and 24% over a month. The decline mirrors similar losses in other meme coins, while Bitcoin and Ethereum also experience drops. Over $1.4 billion in crypto positions were liquidated in the recent market downturn.

The cryptocurrency market witnessed a sharp decline, most notably impacting Dogecoin, which plummeted to its lowest price in a month, reaching $0.267 according to CoinGecko. This significant drop marks the lowest DOGE has traded since November 10, when it experienced a surge following the United States elections, eventually peaking at $0.48. Currently priced at $0.2975, Dogecoin has suffered a 19% decrease over the last 24 hours, contributing to a monthly decline of 24%. Similar losses were observed in other meme coins, with Shiba Inu down 16%, Pepe declining by 17%, and Dogwifhat retracting by 18%. In contrast, Bonk, a Solana token, demonstrated resilience with a milder decrease of 9%, aided by its recent listing on Robinhood exchange.

Additionally, A new entrant, Fartcoin, saw a remarkable 8% increase in value, reaching $1.25 as it approached the top 100 cryptocurrencies by market capitalization, peaking at $1.29 on Thursday. The broader crypto landscape revealed Bitcoin falling 7% to $95,480, this occurs shortly after it achieved a record price exceeding $108,000. Ethereum fared worse, experiencing a 10% depreciation to $3,330, with Solana and XRP also recording declines of 10% and 9%, respectively. These market adjustments resulted in the liquidation of over $1.4 billion in crypto positions, predominantly composed of long positions, indicating a substantial shift in investor sentiment.

In recent weeks, the cryptocurrency landscape has been volatile, characterized by erratic price movements across various digital assets. Dogecoin, initially launched as a meme, has garnered significant attention and investment, making its price movements notably impactful. The fluctuations of meme coins generally mirror market sentiment, which can embody speculative trading patterns. The metrics from CoinGecko provide critical insights into the trading behavior and price trends of these digital currencies, reflecting the broader market dynamics. Understanding these trends is essential for investors navigating the volatile cryptocurrency market.

In summary, Dogecoin’s recent price decline reflects broader trends in the cryptocurrency market, where major assets are experiencing significant fluctuations. This downturn is emblematic of a period of uncertainty affecting various cryptocurrencies, particularly meme coins, which show pronounced volatility. With more than $1.4 billion in liquidations occurring recently, it remains crucial for investors to assess market conditions carefully before making investment decisions.

Original Source: decrypt.co

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