On Monday, March 11, the total value of asset locked (TVL) in Dogecoin fell to its lowest point since 2023 according to data provided by the DeFi TVL aggregator, DeFiLlama.

The data shows that the total value of assets locked in Dogecoin-based DeFi platforms has declined to $2.72 million as of today, suggesting a bearish reversal in investor’s sentiments and reduced liquidation on the dog-themed meme coin.

This plunge in DOGE’s TVL comes amid a broad market downturn fueled by what appears to be the suspected “Black Monday Sell-Off” as prices of leading cryptocurrencies including major memecoins decreased significantly.

Dogecoin’s price follows DeFi slump

Amid the panic fueled by today’s market turmoil, the crypto market has experienced massive crypto sell-offs, bearish sentiments, controversial opinions, and more. While Dogecoin was not left out of the trend, a post from U.Today reported a large transfer involving up to 300 Dogecoins in a move that appears to be a sell-off attempt.

According to CoinMarketCap, the price of Dogecoin as of press time has dropped by 23.78% over the last month, reaching a staggering price of about $0.15. With its price plunge, the coin emerged as one of the biggest losers of today.

The sharp decline in DOGE’s TVL was led by SoSo value indexes, a Dogecoin-based DeFi index, with 26.37% monthly decline in TVL. This was followed by BoringDAO and Thorchain which accounted for 24.04% and 20.16% decline respectively in their monthly TVL.

Notably, other memecoins were similarly affected by today’s market correction as Shiba Inu (SHIB) declined by 10.09% over the last 24 hours. However, Pepe defiled the market downtrend with a decent increase of 3.49% in its price over the same period.

Despite the poor DeFi performance, Coinglass data shows that Dogecoin had seen a substantial increase of 68.62% in liquidations over the last day. Apparently, investors are still optimistic about DOGE’s future performance and potential yields.