Cover image via U.Today

On Monday, March 11th, the total value locked (TVL) in Dogecoin reached its lowest point since 2023, according to DeFiLlama, a DeFi TVL aggregator. The data reveals a TVL of $2.72 million, indicating a bearish shift in investor sentiment and reduced activity on Dogecoin-based decentralized finance (DeFi) platforms.

This sharp decline in Dogecoin's TVL mirrors a broader market downturn, potentially linked to a "Black Monday" sell-off that significantly impacted major cryptocurrencies, including prominent meme coins.

Dogecoin's price reflects this DeFi slump. Amidst widespread market sell-offs and negative sentiment, U.Today reported a large Dogecoin transfer, possibly indicating further sell-off pressure. According to CoinMarketCap, Dogecoin's price has fallen 23.78% over the past month, reaching approximately $0.15. This significant drop makes it one of today's biggest losers.

The decrease in Dogecoin's TVL was particularly pronounced in certain DeFi platforms. SoSo value indexes, a Dogecoin-based DeFi index, experienced a 26.37% monthly TVL decline. BoringDAO and Thorchain followed with declines of 24.04% and 20.16%, respectively.

Other memecoins also suffered during this market correction. Shiba Inu (SHIB) fell 10.09% in the last 24 hours, while Pepe bucked the trend, showing a 3.49% increase over the same period.

Despite the negative DeFi performance, Coinglass data shows a 68.62% increase in Dogecoin liquidations over the last day. This suggests that some investors remain optimistic about Dogecoin's future prospects and potential returns. Read the original article on U.Today.