Dogecoin's (CRYPTO:DOGE) value plummeted dramatically, aligning with a broader market pullback that saw Bitcoin (CRYPTO:BTC) and other cryptocurrencies take significant hits, underlining the volatility within the crypto market.

Within a 24-hour window, Dogecoin experienced a sharp 14% decline, sinking below the $0.19 mark as the crypto community grapples with the current market instability.

The recent downturn resulted in nearly $500 million in liquidated positions across the cryptocurrency market, with Dogecoin ranking as one of the top cryptocurrencies by liquidation volume, highlighting its susceptibility to market shifts.

Meme coins, including Dogecoin, demonstrated their higher volatility and risk, leading to substantial liquidations among leveraged traders amidst this market turbulence.

Other meme coins like Dogwifhat (CRYPTO:WIF) also experienced severe drops, shedding light on the unpredictable nature of these assets and their amplified response to market movements compared to their cryptocurrency counterparts.