Dogecoin and Solana Leading Double-Digit Losses in Crypto Market Downturn
Hey there! It’s been a bit of a rough time for the cryptocurrency market lately, with some major digital assets taking a hit. Dogecoin (DOGE) and Cardano (ADA) have been hit particularly hard, dropping 12% and 14.7% respectively. Solana (SOL) also saw a decline of 10%, trading at $227, while XRP fell 10.7% to $1.33. Even big players like Bitcoin (BTC) and Ethereum (ETH) weren’t immune, losing 6.1% and 4.5% each.
Overall, the market capitalization of cryptocurrencies has fallen by 5% in the past 24 hours to $3.2 trillion. Dogecoin did see an increase in network activity, with 60.9 billion tokens transacted in a day and a 41.2% rise in large transactions. But despite this, the price of Dogecoin sits at $0.3756, down 9.7%. Trading volumes for DOGE have gone up by 23.7%, but unfortunately, selling pressure has kept any signs of recovery at bay.
Solana (SOL) also faced a sharp decline, trading at $230. Market-wide corrections and technical indicators showing overbought conditions have impacted the token’s price. The total market capitalization of Solana-based tokens dropped from $347.8 billion to $228.8 billion within a day, with trading volume increasing by 43.2% as sell-offs intensified.
The market downturn has led to significant liquidations, with over $691 million in crypto positions liquidated, and Bitcoin accounting for $150 million of those losses. QCP Capital attributes the declines to excessive leverage in the market, calling it a necessary correction. Analysts are hopeful that the market will stabilize as leverage resets.
The Federal Reserve’s meeting minutes and upcoming economic developments could influence the market further. Despite the setbacks, some analysts remain optimistic. Real Vision’s Raoul Pal suggested that Dogecoin could outperform Bitcoin, while analyst Ali Martinez forecasted DOGE’s potential breakout to $0.82. While there are concerns about market corrections and leverage overheating, the future remains uncertain. Stay tuned for more updates as the market continues to evolve!
