The recent downturn in the cryptocurrency market has hit meme coins particularly hard. Popular meme coins such as Dogecoin (DOGE), PEPE and Shiba Inu (SHIB) are facing massive liquidations. Here are the latest developments and expectations for the future of meme coin projects.
Dogecoin Liquidations and Reasons for Decline
Dogecoin (DOGE) has suffered massive liquidations amid a general downtrend in the cryptocurrency market. According to data from CoinGlass, Dogecoin has seen $4.92 million in liquidations in the last 24 hours. While this liquidation figure is small compared to Bitcoin’s (BTC) $90.06 million liquidation in the same period, it is quite significant for DOGE.
Dogecoin’s price has fallen 7.89 percent to $0.1121 in the last 24 hours. This drop came after a 29 percent loss last month, worrying DOGE investors. Long-term investors were also affected by these liquidations, with a total of 4.87 million DOGE liquidated. This highlights the current state of the meme coin ecosystem and the challenges it faces.
Status of PEPE and Shiba Inu
Besides Dogecoin, other meme coins such as PEPE and Shiba Inu (SHIB) have also faced massive liquidations. PEPE was right behind Dogecoin, recording more than $4 million in liquidations in the last 24 hours. Shiba Inu, on the other hand, failed to realize the expected ecosystem-wide recovery despite a more than 8,500 percent increase in its burn rate.
These liquidations show how fragile the meme coin market is. With the price of Bitcoin plummeting to $58,000, meme coins have taken their share of the fall and lost value. However, this also shows how sensitive meme coins are to market volatility.
Whale Accumulation in the Meme Coin Ecosystem
Meme coins have a unique ecosystem foundation. Whale accumulation and increasing volume are important indicators for the future performance of these coins. The accumulation of meme coins by whales, i.e. large investors, signals that the market may rebound.
Meme coins like Dogecoin, PEPE and Shiba Inu are like a litmus test for broader market volatility. The harder these coins fall, the more likely they are to rebound. The interest and accumulation of whales in these coins raises the expectation that prices could rise again in the future.
Meme Coin Price Predictions and Expectations
Despite the negative shifts in current price performance, there may be brighter days ahead for Dogecoin and other meme coins. If the general downtrend in the cryptocurrency market continues, meme coins are expected to bottom out. At this point, meme coins are likely to experience a faster recovery compared to other altcoins.
Dogecoin is expected to rebound in the short term and its price is expected to rise to around $0.12. In the medium term, depending on the general market situation and investor interest, DOGE is expected to reach $0.15. In the long term, meme coins are expected to reach higher price levels with community support and the development of projects. As we at Kriptokoin.com have stated, investors should consider market volatility and be careful before investing in meme coins.
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