Dogecoin & Cardano Plunge 8%: Is the Crypto Bull Run Over?
Memecoins and smart contract platforms took a beating today as Dogecoin (DOGE) and Cardano (ADA) both shed 8% of their value in 24 hours. The sudden dip has traders questioning whether this is a healthy correction or the start of a broader market reversal.
Market analysts point to liquidations in the derivatives market as the immediate trigger, with overleveraged positions getting wiped out amid the volatility. The pullback comes just weeks after both assets posted double-digit gains, highlighting crypto's signature whipsaw action.
While some see this as a buying opportunity, others warn of potential contagion risk spreading to major assets like Bitcoin and Ethereum. 'This is either the discount window opening or the first domino falling,' quipped one trader, echoing the market's divided sentiment.
As always in crypto, the only certainty is volatility - and the fact that Wall Street will somehow blame retail investors either way.

Are We In A Bear Market As Dogecoin And Cardano Dip?
According to CoinGlass liquidation data, the cryptocurrency market has faced $756.86 million worth of liquidations in the last 24 hours. The market saw an upswing after the SEC announced its “Project Crypto” initiative to make the US a global crypto superpower. However, the rally was short-lived. The bullish news was followed by market-wide sell-offs. DOGE, ADA, and the larger crypto market faced massive pullbacks over the last 24 hours.
The dip could be due to the Federal Reserve’s decision to keep interest rates unchanged. The Federal Reserve also warned about slow economic growth in the US. Market participants may have read the developments as a possibility that the Federal Reserve may not cut interest rates for a good few months. On the contrary, there is also a possibility that the Federal Reserve will increase rates to combat slow economic growth. DOGE, ADA, and other cryptocurrencies are among the riskiest assets in the financial sector. Retail investors may take a step back from risky investments when borrowing is difficult.
Dogecoin (DOGE), being a memecoin, carries even more risk than other crypto assets. DOGE’s price may take a beating over the coming days. The market could see a reversal if ETF inflows surge. ETF inflows have been key in the market rally over the last month. A similar pattern could emerge once again in August.