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With the growing drawdown in the crypto industry, Dogecoin (DOGE) appears to be caught in the crossfire. Data from CoinGlass shows that Dogecoin is at the forefront of the meme coin liquidation with more than $4 million liquidated in 24 hours.

Dogecoin liquidation crossfire

While this liquidation figure of $4.92 million in 24 hours is small compared to the $90.06 million for Bitcoin (BTC), it is still significant for DOGE. At the liquidation mark, a total of 41,554,054 DOGE has been liquidated thus far, with long traders accounting for $4.87 million of the total.

The Dogecoin spotlight comes as the price of the first meme coin dropped by 7.89% to $0.1121 in 24 hours. Historically, this is its lowest price in the past month, where it has dropped by more than 29%.

The meme coin ecosystem is particularly at a tipping point at the moment, with no positive growth among the most capitalized coins. While PEPE also recorded over $4 million in liquidations, the expectation that the more than 8,500% surge in the Shiba Inu (SGHIB) burn rate would trigger an ecosystem-wide recovery failed to materialize.

This has left the meme coin sector at the mercy of the broader market that has seen the price of Bitcoin fall to $58,000.

Market expectations from altcoins

Despite the negative twist to the current price performance, Dogecoin and the rest of the meme coins have a very unique ecosystem fundamental. Besides whale accumulation and growing volume, meme coins are like a litmus test for broad market volatility.

The expectation is that as the market continues its freefall, these altcoins can hit their bottom soon enough. If this is achieved, the meme coin rebound might turn out to be more prominent when compared to the rest of the altcoins.

With DOGE, PEPE and SHIB in the spotlight, the harder they fall, the higher their resurgence might be.