The plunge led to massive liquidations, with Dogecoin losing $115.8M and Shiba Inu $19.08M in liquidated positions.
The cryptocurrency marketplace faced a pointy decline on Wednesday, with Dogecoin (DOGE) and Shiba Inu (SHIB) leading the way. Dogecoin dropped by 12%, at the same time as Shiba Inu fell with the aid of 18% in only 24 hours.
This sudden plunge resulted in large liquidations, with Dogecoin seeing $a hundred and fifteen.80 million really worth of positions liquidated and Shiba Inu going through $19.08 million in liquidations.
Dogecoin Prices Drop Is Reaching Its Saturation
The market downturn took place in just six hours, hitting leveraged investors the hardest. According to Coinglass, over $902 million in liquidations occurred during this period, affecting 284,782 traders. The sell-off caused considerable losses as investors who used leverage were compelled to exit their positions.
Dogecoin is currently priced at $0.3671, skilled a 12% drop in the last 24 hours. With a market cap of $ 53.88 billion and a circulating supply of 146. Seventy-seven billion DOGE cash, the coin is dealing with giant volatility. The 24-hour buying and selling volume for Dogecoin stands at $37.15 billion.
Shiba Inu Prices Drop
Shiba Inu, on the other hand, experienced a bigger 18.43% decrease, with its price now at $0.000024. Despite its fall, it has a market cap of $14.2 billion and 589.26 trillion SHIB cash in stream. The 24-hour buying and selling quantity for Shiba Inu is $4.39 billion.
The fast decline left many leveraged traders with heavy losses, totaling $151,8 million in Dogecoin and $19.08 million in Shiba Inu liquidations. In total, 284,394 traders were liquidated within 24 hours.
This sharp market correction highlights the dangers of leveraging in volatile markets, specifically for retail buyers.
Also Read: BlackRock Bitcoin ETF Hits Record $4.1 Billion in Trading Volume After Trump’s Win
