'Black Monday Sell' is a tough day for the cryptocurrency industry

The plunge in the cryptocurrency market has caused panic among investors, and Dogecoin (Doge) has become one of the hardest hit areas. Its price fell sharply, and the total value lockdown of decentralized finance (DeFi) also showed a significant decline.

The selling wave of "Black Monday" swept the cryptocurrency market, and Dogecoin was the first to be hit. Its DeFi TVL fell to 2023 levels, with the currency price falling 23.78% in the past month.

Dogecoin's DeFi TVL fell to a low of $2.72 million, mainly due to a 26.37% decline in the SOSO value index.

Other major DeFi platforms, such as Boring Dao and Thorchain, TVL also fell by 24.04% and 20.16%, respectively, highlighting the widespread impact of the market downturn on the Dogecoin DeFi ecosystem.

The market panic directly led to a decline in the price of Dogecoin. Doge price has fallen 23.78% in the past month and is currently at $0.1519.

This price hit a record low. It is worth noting that a large transfer involving 300 Doges occurred on Monday, and although the dollar is not worth a lot, it reflects a larger selling trend, indicating general concern and uncertainty among investors.

Bearish sentiment spread, and Dogecoin became one of the biggest cryptocurrencies that day.

There is no way out at the end of the road?

Dogecoin is not an isolated case, and other well-known meme coins have also suffered heavy losses. Shiba Inu (Shib) fell 11% in 24 hours, indicating that the meme currency market, which usually attracts retail investors, is also not immune to market adjustments.

However, the meme coin Pepe (Pepe) rose 3.49% during the same period. In a red ocean, this rare uptrend brings investors a glimmer of hope.

Despite the decline in Dogecoin prices and DeFi activity, it is not all bad news. In the past 24 hours, the Dogecoin clearance rate has reached 68.62%.

While this may seem negative news, it also hints at a deeper problem: traders are actively adjusting positions, possibly betting on short-term trends or preparing for a rebound.

Some investors are still optimistic about Dogecoin's future. Even if volatility and prices fall, cautious optimism remains. The long-term potential of the currency has not been completely denied, especially for investors who believe in the power of the community and its lasting influence in the market.

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