Dogecoin (DOGE) and Shiba Inu (SHIB) Dive, Market Liquidations Surpass $900 Million

The cryptocurrency market faced a sharp decline on Wednesday, with Dogecoin (DOGE) and Shiba Inu (SHIB) leading the way.

Cryptocurrency prices took a sharp downturn on Wednesday, with Dogecoin (DOGE) and Shiba Inu (SHIB) leading the sell-off. 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.