Dogecoin, the world's largest memecoin by market capitalization, has experienced a significant downturn, plummeting to a 3-month low of $0.11 on June 19. This drastic fall has resulted in over $60 million in long positions being liquidated in just 24 hours, sparking concerns among investors. The cryptocurrency market's ongoing correction phase has led to a widespread exodus from memecoins, with investors seeking more resilient and sentiment-resistant assets.

Dogecoin's price action in June 2024 has been marked by a staggering 30% decline, from an opening price of $0.16 on June 1 to a low of $0.10 on June 18. Despite a slight rebound to $0.12 on June 19, the memecoin's outlook remains bearish. Derivatives market trends indicate a dominant bearish sentiment, with over $60 million in long positions liquidated since the start of the week. Bull traders have suffered the bulk of these losses, with $44.21 million in long contracts closed on June 17 and another $18 million on June 18.

The Coinglass' Liquidations chart reveals a stark disparity between long and short contract liquidations, signaling a predominantly bearish market sentiment. With the majority of long positions being force-closed, bull traders are opting to exit their positions rather than make covering purchases, exacerbating the downward trend.

As Dogecoin struggles to regain momentum, bears are eyeing a potential breakdown below the $0.10 mark. However, IntoTheBlock GIOM data suggests that a strong support buy-wall around the $0.11 territory could hinder this attempt. Over 219,000 DOGE holders have acquired 41.8 billion DOGE in the past, and a coordinated buying effort could trigger a price rebound toward the $0.13 level.

In conclusion, Dogecoin's recent decline has been marked by intense liquidations and a dominant bearish sentiment. While a potential breakdown below $0.10 looms, a strong support buy-wall could spark a price rebound. Investors are advised to exercise caution and conduct thorough research before making any investment decisions.

Here are some additional points that summarize the article:

Dogecoin has fallen to a 3-month low of $0.11, with over $60 million in long positions liquidated in 24 hours.

The memecoin has experienced a 30% decline in June 2024, from an opening price of $0.16 to a low of $0.10.

Derivatives market trends indicate a dominant bearish sentiment, with bull traders suffering the bulk of losses.

A strong support buy-wall around the $0.11 territory could hinder a potential breakdown below $0.10.

Investors are advised to exercise caution and conduct thorough research before making any investment decisions.