ETH, SOL, DOGE Prices Drop 7% Amid $850 Million Crypto Liquidation Event

The cryptocurrency market experienced a sharp correction, with major altcoins Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) each declining by approximately 7%. This significant price drop triggered a massive wave of liquidations across derivatives exchanges, totaling around $850 million. The majority of these liquidated positions were long contracts, indicating that traders who bet on higher prices were forced to exit their positions. Market analysts attribute the sell-off to a combination of profit-taking after recent gains and increased market volatility. This event underscores the high-risk nature of leveraged trading in the crypto market and serves as a reminder of the potential for rapid price swings.