‘Black Monday Sell-off’ was a rough day for the crypto industry

The sudden drop of cryptocurrencies created Fear among investors. One of the hardest hit was Dogecoin (DOGE) experienced a noticeable price drop as well as a total value locked (TVL) with DeFi protocols.

"Black Monday" sell-off brought a wave of red across the crypto market, impacting one of the most-followed tokens, Dogecoin (DOGE). Its DeFi TVL fell to 2023 levels, while the token's price saw a 23.78% drop in the past month.

Dogecoin's DeFi TVL dropped to its lowest level since 2023, with a total of $2.72 million. The most significant contributor to this decline was SoSo Value Indexes, which saw a 26.37% monthly decrease.

Other key DeFi platforms like Boring DAO and Thorchain also witnessed TVL declines of 24.04% and 20.16%, respectively, showcasing the broad impact of the market downturn on the Dogecoin DeFi ecosystem.

The broader market panic also impacted Dogecoin's token price directly. In the past month, DOGE's value has decreased by 23.78%, currently priced at $0.1519.

This value is still low compared to DOGE's history, and it's interesting to note that a large transfer involving 300 DOGE was seen on Monday.

While the dollar value of this transaction wasn't huge, it's part of a larger sell-off trend, showing fear and uncertainty among investors.

With the bearish sentiment spreading, Dogecoin became one of the day's biggest losers in the crypto market.

Memecoins Struggles

Dogecoin wasn't alone in its struggle, as other well-known memecoins also faced the heat. Shiba Inu (SHIB) dropped by 11% in just 24 hours. It was a clear sign that the memecoin sector, which usually draws in retail investors, wasn't immune to the market correction.

However, one memecoin, Pepe (PEPE), defied the trend by gaining 3.49% during the same period. This rare upside movement in a red-dominated market gave investors a brief moment of optimism, even though most tokens were in decline.

Despite the drop in Dogecoin price and DeFi activity, not everything was negative. Dogecoin liquidations spiked 68.62% in the past 24 hours.

While this might sound like more bad news, it also suggests something deeper: traders are actively adjusting their positions, possibly betting on short-term moves or preparing for a rebound.

Some investors are still hopeful about Dogecoin's future. Even with high volatility and falling prices, cautious optimism remains in the air. The coin's long-term potential hasn't been written off just yet, especially for those who believe in the strength of its community and its staying power in the market.