Dogecoin has taken a beating, plunging 41% from March 3 to March 11 and hitting a four-month low of $0.142. The top memecoin is down 8% in the last 24 hours, underperforming its rivals and signaling deeper trouble for the sector. According to Cointelegraph, the sell-off isn’t just a Dogecoin problem—the entire memecoin market is feeling the heat.
Memecoins Wipe Out $4.54 Billion as Investors Flee
Memecoins are crumbling, with Shiba Inu sinking 7% and Ethereum-based Pepe dropping 8%. The biggest loser is Solana-based SPX6900, which collapsed by 28%. The mass sell-off has erased $4.54 billion from the memecoin market in just 24 hours. Analysts point to macroeconomic uncertainty, including concerns over President Trump’s tariffs, as a key factor spooking investors and driving them away from riskier assets.
DOGE Long Traders Face $23 Million in Liquidations
Dogecoin’s collapse is triggering massive liquidations, with over $23.1 million in long positions wiped out in a single day. CoinGlass data shows that since February 24, a staggering $161 million in long DOGE positions have been liquidated. The mass exodus of leveraged traders is forcing a downward spiral, with open interest dropping 37% in just a week. The funding rate has also flipped negative, indicating that short sellers now control the market.
Key Resistance Levels Crush DOGE Bulls
DOGE bulls have been fighting to break through a key resistance zone between $0.24 and $0.26, which includes the 50-day and 200-day simple moving averages. But every attempt since February 3 has been met with aggressive selling, forming lower highs each time. If bulls fail to hold support between $0.150 and $0.127, DOGE could spiral down to $0.10.
DOGE Needs Another 227% Rally to Recover
History shows that Dogecoin has bounced back before. When it last hit $0.127 in October 2024, it staged a massive 227% rally to $0.480. Whether history repeats itself remains to be seen.
At the time of writing, Dogecoin is sitting at $0.1627.
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