The cryptocurrency market experienced a sharp decline on Wednesday, with Dogecoin and Shiba Inu taking the lead, falling by 12% and 18% respectively.
Price Drop of Dogecoin and Shiba Inu
Dogecoin dropped by 12% in the last 24 hours, with its current price at $0.3671. Meanwhile, Shiba Inu fell by 18.43%, with its price now at $0.000024. Despite these fluctuations, Dogecoin and Shiba Inu maintain significant market caps of $53.88 billion and $14.2 billion respectively.
Mass Market Liquidations
The rapid decline led to massive position liquidations, hitting leveraged traders hard. Over $902 million were liquidated on the market within six hours, affecting 284,782 traders. Traders using leverage faced substantial losses.
Risks of Leverage
The market situation underscores the risks of leveraging in volatile conditions, especially for retail traders.
The sharp decline in Dogecoin and Shiba Inu prices serves as a reminder of the risks associated with leveraging in the volatile cryptocurrency market.
