Dogecoin (DOGE) price crashes 14% amid broad market reversal

TL; DR

The cryptocurrency market has crashed in the last 24 hours as the price of Bitcoin has hit around $3,000. Dogecoin fell further, losing 14% over the same period, now trading below $0.19.

The cryptocurrency market has taken a massive beating over the past 24 hours, with most altcoins down sharply.

According to CryptoPotato, this resulted in a significant outflow of liquidity, with nearly $500 million worth of positions being lost. Most were, to be expected, long positions.

Dogecoin also followed the market but declined further. By total market capitalization, the world's largest meme coin is down nearly 14% in the last 24 hours, trading below $0.19.

In fact, DOGE is one of the leading altcoins in terms of total liquidity. Data from CoinGlass shows that there have been more than $16 million in liquid DOGE positions in the past 24 hours, ranking fourth behind Bitcoin, Ethereum, and Solana.

Memcoins tend to be more volatile compared to other cryptocurrencies, and due to their price fluctuations, the risk of detection is high for targeted traders. Today's example is another dogwift (WIF) from DOGE.

WIF is down over 17% from yesterday's peak around $4.60 and is currently trading at $3.80.