The cryptocurrency market faced a sharp decline on Wednesday, with Dogecoin (DOGE) and Shiba Inu (SHIB) leading the way. Dogecoin dropped by 12%, while Shiba Inu fell by 18% in just 24 hours.
This sudden plunge resulted in massive liquidations, with Dogecoin seeing $115.80 million worth of positions liquidated and Shiba Inu facing $19.08 million in liquidations.
The market downturn happened within just six hours, hitting leveraged traders the hardest. According to Coinglass, over $902 million in liquidations occurred during this period, affecting 284,782 traders. The sell-off caused substantial losses as traders who used leverage were forced to exit their positions.
Dogecoin, currently priced at $0.3671, experienced a 12% drop in the last 24 hours. With a market cap of $53.88 billion and a circulating supply of 146.77 billion DOGE coins, the coin is facing significant volatility. The 24-hour trading volume for Dogecoin stands at $37.15 billion.
Shiba Inu, on the other hand, saw a larger 18.43% decrease, with its price now at $0.000024. Despite its fall, it holds a market cap of $14.2 billion, and there are 589.26 trillion SHIB coins in circulation. The 24-hour trading volume for Shiba Inu is $4.39 billion.
The rapid decline left many leveraged traders with heavy losses, totaling $115.8 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 risks of leveraging in volatile markets, especially for retail traders.
Also Read: Worldcoin (WLD) Price Jumps 28% to $2.81 in 24 Hours
