Doge Doomed? TVL Plummets!

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Ah, Dogecoin, that darling of the digital demimonde, has suffered a most unbecoming slump. On Monday, that dreary March 11th, the total value of assets locked (TVL)—a vulgar metric, wouldn’t you agree?—plummeted to depths unseen since the halcyon days of 2023, according to data provided by the DeFiLlama, a name that sounds suspiciously like a South American camelid with a penchant for finance. 🦙

The data, so precise, so utterly devoid of poetry, reveals that a paltry $2.72 million languishes in Dogecoin-based DeFi platforms as of today. A sum so small it barely covers my champagne bill! This, we are told, suggests a “bearish reversal” in investor sentiment. Oh, the melodrama! And a reduced liquidation, which sounds rather like a particularly unpleasant bodily function. 🤢

This plunge, this ignominious descent, occurred amidst a broader market downturn—a “Black Monday Sell-Off,” they’re calling it, as if Mondays weren’t already bleak enough. Leading cryptocurrencies, including our beloved memecoins, experienced a decline. A tragedy, I tell you, a tragedy! 🎭

Dogecoin’s price follows DeFi slump

Amid the panic, the hysteria, the sheer unadulterated despair, the crypto market has undergone massive sell-offs, bearish sentiments, controversial opinions, and more. Dogecoin, alas, was not spared. A post from U.Today reported a large transfer involving a whopping 300 Dogecoins. Three hundred! A sell-off attempt, they claim. More like a flea bite on the hide of a rhinoceros! 🦏

According to CoinMarketCap, the price of Dogecoin has dropped by 23.78% over the last month, reaching the positively plebeian price of $0.15. Fifteen cents! One could scarcely purchase a decent bonbon for that price. With its price plunge, the coin emerged as one of the biggest losers of today. Such a flamboyant display of failure. 💸

The sharp decline in DOGE‘s TVL was led by SoSo value indexes, a Dogecoin-based DeFi index, with 26.37% monthly decline in TVL. SoSo indeed! This was followed by BoringDAO and Thorchain, accounting for 24.04% and 20.16% decline respectively in their monthly TVL. The names alone are enough to induce ennui. 😴

Notably, other memecoins were similarly affected. Shiba Inu (SHIB) declined by 10.09% over the last 24 hours. However, Pepe, that green-skinned upstart, defiled the market downtrend with a decent increase of 3.49% in its price. The audacity! 🐸

Despite the poor DeFi performance, Coinglass data reveals that Dogecoin had seen a substantial increase of 68.62% in liquidations over the last day. Apparently, investors are still optimistic about DOGE’s future performance and potential yields. Fools, I say! Blissfully ignorant fools! 😂

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2025-04-08 06:05