The price of Dogecoin has been hit hard in the last 24 hours, what caused Dogecoin to plummet by 14%?

In the past 24 hours, the cryptocurrency market has plummeted, with the price of Bitcoin plummeting by around $3,000. Dogecoin fell further, down about 14% over the same period and is currently trading below $0.19. The cryptocurrency market has been hit hard over the past 24 hours, with most altcoins falling sharply. As reported by CryptoPotato, this led to a huge liquidation washout, with nearly $500 million of positions wiped out. Unsurprisingly, most of them are long positions. Dogecoin also followed the market, but fell further. The world's largest meme coin by total market capitalization is currently down nearly 14% in the last 24 hours, trading below $0.19.

In fact, DOGE is one of the leading altcoins in terms of total liquidation volume. Data from CoinGlass shows that more than $16 million in DOGE positions liquidated in the last 24 hours ranks fourth behind Bitcoin, Ethereum, and Solana.

Meme coins tend to be more volatile than other cryptocurrencies, and they pose a higher liquidation risk to leveraged traders due to price fluctuations. An example today, in addition to DOGE, is Dogwifhat (WIF).

WIF is down more than 17% since its peak of around $4.60 yesterday and is currently trading around $3.80.