 ▲ Dogecoin (DOGE) ©Coin Leaders |
The original meme cryptocurrency Dogecoin (DOGE) plummeted nearly 10% over the past 24 hours, once falling to the $0.11 level.
According to CoinMarketCap data as of 7:47 p.m. on the 18th (Korean time), the price of Dogecoin, the 9th largest cryptocurrency by market capitalization, was $0.1216, down 9.12% from 24 hours ago.
Dogecoin fell to $0.1154 at one point on this day.
Dogecoin's price plummeted on this day, and its market capitalization decreased to $17.6 billion, giving up 8th place in market capitalization to Toncoin (TON, $17.7 billion).
CoinDesk cited CoinAnalyze data on this day and said, "Over the past 24 hours, $60 million worth of DOGE long positions were liquidated. This is the largest liquidation amount since 2021."
In relation to this, Lucy Hu, senior analyst at Metalpha, a Hong Kong digital asset management company, said, "This month, the memecoin market showed an overall decline as the price of Bitcoin was under downward pressure. The U.S. Federal Reserve (Fed) “Investors have switched assets from altcoins to Bitcoin (BTC) for risk management, citing repeated interest rate cuts, and memecoins such as Dogecoin may continue to suffer as a result,” he analyzed.
