Crypto Bloodbath: Solana, Dogecoin, XRP Plunge 10% in $770M Long Liquidations

Solana, Dogecoin, XRP Plunge 10% as Bloody Start to Week Sees $770M Long Liquidations

The cryptocurrency market experienced a brutal start to the week, with Solana (SOL), Dogecoin (DOGE), and XRP all plunging by more than 10% in a matter of hours. The sharp decline in these digital assets comes as the market witnessed over $770 million in long liquidations, highlighting the volatile nature of the crypto space.

Solana (SOL) was one of the hardest-hit cryptocurrencies, with its price dropping by more than 12% to reach a low of $12.50. The decline in SOL's price comes as the network continues to face criticism over its scalability and security issues. Despite the recent setbacks, Solana remains one of the most popular blockchain platforms for decentralized applications (dApps).

Dogecoin (DOGE) also suffered a significant loss, with its price falling by more than 11% to reach a low of $0.065. The meme-based cryptocurrency has been struggling to maintain its momentum in recent months, as investors continue to express concerns over its lack of real-world use cases. However, Dogecoin remains a popular choice among retail investors, who continue to support the cryptocurrency through social media campaigns.

XRP, the native cryptocurrency of the Ripple network, also experienced a sharp decline, with its price falling by more than 10% to reach a low of $2.75. The decline in XRP's price comes as the cryptocurrency continues to face regulatory challenges, with the U.S. Securities and Exchange Commission (SEC) alleging that Ripple engaged in an unregistered securities offering. Despite the regulatory headwinds, XRP remains one of the most widely-traded cryptocurrencies, with a market capitalization of over $12 billion.

The sharp decline in these cryptocurrencies comes as the broader market witnessed over $770 million in long liquidations, highlighting the volatile nature of the crypto space. The liquidations were triggered by a sudden sell-off in the market, as investors rushed to exit their positions in a bid to limit their losses. The sell-off was exacerbated by a lack of liquidity in the market,