The market for Dogecoin (DOGE) is contracting: the memecoin shed more than 25% of its value during the last three days. The broader market is still bearing the brunt of Bitcoin’s crash, worrying both investors and speculators.
Market Overview: A Sudden Change
The recent drop in the value of crypto assets has caused around $787 million to be lost through liquidations of different types of digital assets. Dogecoin, which is often considered as a joke, has been among the hardest hit.
Approximately $29 million in DOGE liquidations were recorded recently, with bullish positions suffering the most losses, according to CoinGlass data. In a mere 24 hours, the price of Dogecoin plummeted to a low of $0.34 before ultimately stabilizing at approximately $0.365, a 6.05% decline.
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