Dogecoin, Cardano Lead Crypto Dip as Market Sheds $27B Overnight

It’s been a bumpy bout of volatility for some of the industry’s largest altcoins.

The crypto market as a whole dropped 2.7%, shedding roughly $27 billion overnight, with Dogecoin (DOGE) and Cardano (ADA) leading the pack.

Dogecoin dropped 5.5% in the past 24 hours, plummeting from just over $0.88 to $0.82. The largest meme coin by market capitalization is now trading hands $0.84. 

DOGE’s volatility also wiped out more than $5 million in leveraged traders, as more than 94% of the latest liquidations were all longs, per Coinglass. 

Cardano has also been hit hard by the bears, dropping 5.5%. ADA is currently trading at roughly $0.35, per CoinGecko.

Despite the latest blood-red price action, both Dogecoin and Cardano have enjoyed a stellar start to the new year.

Traders who bought Dogecoin on January 1 would have enjoyed a meteoric rise of 20% had they held to today. Likewise for Cardano; ADA has soared a total of 44% over the same period. 

Ethereum joins Dogecoin, Cardano

Of the top ten largest cryptocurrencies by market capitalization, Ethereum was also badly bruised over the last day.

ETH has dropped 4.8% in the past 24 hours, from roughly $1,621 to $1,548. The cryptocurrency is also the only asset in the top ten to post negative returns over the last week. 

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The news comes as ETH remains set for a formal upgrade, dubbed Shanghai.

This update will allow users to withdraw their staked ETH for the first time, and is on track for a March delivery, as per the core developers.

At the start of this week, Ethereum’s core developers successfully deployed a “shadow fork” of the update, a test procedure comparable to a dress rehearsal, which would allow users to access their returns from the roughly $25 billion of staked ETH in circulation.