Dogecoin (DOGE) Liquidation Surges 450% as Broader Crypto Market Drawdown Continues

The broader crypto market drawdown is still active as several tokens note declines in market capitalization. According to data from CoinGlass, the memecoin

The broader crypto market continues to experience a downturn, with several tokens witnessing a decline in market capitalization.

According to data from CoinGlass, the memecoin market has not been spared this crypto market crash. Dogecoin (CRYPTO: DOGE) had over $4.5 million in liquidation, the highest among other memecoins. Meanwhile, Bitcoin (CRYPTO: BTC) took the top spot in terms of crypto liquidation with $90.06 million.

DOGE Liquidation and Market Performance

An analysis of CoinGlass data shows that long traders account for $4.87 million of the 41,554,054 DOGE liquidated thus far.

Meanwhile, DOGE's price has been down 7.89% in the last 24 hours and 30% over the past 30 days, as per current CoinGecko data. It trades at $0.1121 at the time of writing.

At the moment, the most capitalized memecoins show no appreciable change. Though an 8,500% rise in the Shiba Inu (CRYPTO: SHIB) burn rate gives promise for recovery, it hasn't affected the overall memecoin market yet.

Broader Market Dynamics

The broader market dynamics, including Bitcoin's price fall below the $60,000 price level, have greatly impacted the memecoin sector, with the DOGE being the most affected.

Nevertheless, the memecoin ecosystem has sustained some unique features, notably whale accumulation and rising trade.

Memecoins are often an indicator of overall market volatility, reflecting investors' mindsets. However, the current bear market suggests these digital assets could soon hit their lowest point.

Although the current market performance paints a dismal picture, the dynamics and speculative nature of memecoins indicate that a recovery could happen soon.

Despite the market downturn, BorpaToken (CRYPTO: BPA) — the governance token of a crypto project aiming to redefine the utility of memecoins — tops the memecoins gainers chart. At the time of writing, it is up 165% in the last 24 hours and trades at $0.009376, as per CoinGecko data.

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