The cryptocurrency market faced a sharp decline on Wednesday, with Dogecoin (DOGE) and Shiba Inu (SHIB) leading the way. Dogecoin fell 12%, while Shiba Inu fell 18% in just 24 hours.
This sudden drop led to massive liquidations, with Dogecoin seeing $115.80 million in positions liquidated and Shiba Inu facing $19.08 million in liquidations.
The market downturn occurred in just six hours, hitting leveraged traders hardest. According to Coinglass, more than $902 million in liquidations took place during this period, affecting 284,782 traders. The sell-off led to substantial losses as leveraged traders were forced to exit their positions.
Dogecoin, current price at $0.3671, saw a 12% decline 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 faces significant volatility. The 24-hour trading volume for Dogecoin stands at $37.15 billion.
Shiba Inu, on the other hand, saw a larger drop of 18.43%, with its price now at $0.000024. Despite its fall, its market capitalization stands at $14.2 billion and 589.26 trillion SHIB coins are 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. A total of 284,394 traders were liquidated in 24 hours.
This sharp market correction highlights the risks of leveraging in volatile markets, particularly for retail traders.
Read also: Worldcoin (WLD) price jumps 28% to $2.81 in 24 hours