Dogecoin Price Slips: TVL Hits 2023 Lows in ‘Black Monday’ Sell-Off

Monday, March 11, ‘Black Monday Sell-off’ was a rough day for the crypto industry. The sudden drop of cryptocurrencies created Fear among investors. One of the hardest hit was Dogecoin (DOGE) experienced a noticeable price drop as well as a total value locked (TVL) with DeFi protocols. Anyway, Dogecoin is currently priced at $0.1519, a little growth from past fluctuations that created an optimistic ideology among crypto enthusiasts, but this value is still low compared to DOGE’s history.

Dogecoin’s DeFi TVL Falls to 2023 Levels

The most striking figure came from the decentralized finance (DeFi) side of Dogecoin. Its TVL dropped to just $2.72 million, marking the lowest level since 2023. This steep decline signals a bearish turn in investor sentiment. Simply put, fewer people are locking their DOGE into DeFi protocols, which leads to lower liquidity and confidence in the ecosystem.

The biggest contributor to this drop was the SoSo Value Indexes, a Dogecoin-focused DeFi index. It recorded a 26.37% monthly decline. Other key DeFi platforms, including Boring DAO and Thorchain, weren’t spared either, seeing TVL declines of 24.04% and 20.16%, respectively. These numbers show that the dip wasn’t isolated. It spread across the Dogecoin DeFi ecosystem.

Widespread Panic Hits Dogecoin Price

The DeFi slump wasn’t the only issue. The panic from the broader market sell-off impacted Dogecoin’s price directly. In the past month, Dogecoin’s value has dropped 23.78%, falling to around $0.15. That’s a sharp decline, especially for a coin that often rides on community hype and market momentum.

One notable activity,  a large transfer involving 300 DOGE. Though relatively small in dollar value, it was seen as part of a larger sell-off trend, reflecting the fear and uncertainty among investors. With the bearish sentiment spreading, Dogecoin became one of the day’s biggest losers in the crypto market.

Memecoins Suffer Except One

Dogecoin wasn’t alone in its struggle. Other well-known memecoins also faced the heat. Shiba Inu (SHIB) dropped by 11% in just 24 hours. It was a clear sign that the memecoin sector, which usually draws in retail investors, wasn’t immune to the market correction.

Interestingly, one memecoin stood out. Pepe (PEPE) defied the trend by gaining 3.49% during the same period. This rare upside movement in a red-dominated market gave investors a brief moment of optimism, even though most tokens were in decline.

Mixed Signals: Liquidations and Optimism

Despite the drop in Dogecoin price and DeFi activity, not everything was negative. Dogecoin liquidations spiked 68.62% in the past 24 hours. While this might sound like more bad news, it also suggests something deeper: traders are actively adjusting their positions, possibly betting on short-term moves or preparing for a rebound.

Some investors are still hopeful about Dogecoin’s future. Even with high volatility and falling prices, cautious optimism remains in the air. The coin’s long-term potential hasn’t been written off just yet, especially for those who believe in the strength of its community and its staying power in the market.