A dramatic turn of events saw $AIDOGE, one of the top-performing memecoins just days ago, suffer a sharp correction today that saw it lose over 60 percent of its value within just a few hours.
The sudden crash surprised traders who had been riding a wave of bullish sentiment. After all, just a few days prior, $AIDOGE was leading the market with impressive weekly gains that had nearly everyone excited about the token’s prospects. Now, however, the situation is trading with a market capitalization of approximately 22.95 million dollars; the steep drop seems unreal considering the momentum it had just hours before the crash.
What makes the situation even more interesting is that despite the price collapse, $AIDOGE’s trading volume stayed really high, hitting an incredible 110 million dollars during the crash window. This sort of heavy trading, in the midst of a collapse, seems to suggest that there were some big players (possibly even whales) offloading substantial positions and triggering the kind of cascade sell orders that really put the market into freefall. For me, the heavy trading just signals instability.
$AIDOGE Sharp Correction
After leading the market yesterday with massive weekly gains, $AIDOGE has crashed over 60% within just a few hours. Despite the heavy drop, volume remains huge at $110 million, compared to its current market cap of $22.95 million.
The volatility is wild… pic.twitter.com/sGfEp12Nny
— MemecoinWire (@memecoinwire) April 18, 2025
Coordinated Crash? Multiple Memecoins Dump in Tandem
$AIDOGE was not the only token that took a hit. Two other memecoins, $LUCE and $MANEKI, experienced similar sharp downturns at nearly the same moment. The almost-perfectly-synchronized price action across these three assets got market watchers wondering if they might all be reacting to the same stimulus. What they discovered suggested a systemic factor at work—something that affected all three projects simultaneously, rather than any one of them having an insurmountable issue that caused its price to plummet.
When it comes to the origins of the blockchains, $LUCE and $MANEKI are based on Solana, while $AIDOGE comes from Arbitrum. This of course rules out any possibility of a blockchain-specific event causing the crash. So where should we direct our investigative efforts next? Towards another common feature of all three tokens: listings on exchanges.
Every one of the three tokens has achieved prominent placement on centralized exchanges of choice: OKX or Bybit. Presumably, these tokens have traversed the pathway to legitimacy and now exist in a vibrant state of potential growth. But the very existence of these tokens on these exchanges also points to a pathway riddled with trading dangers. That pathway is cut through with the machete of tradeable fear and greed, of course, but it’s also a pathway that can be made dangerously impassable if the market makers who maintain (and manipulate) the liquidity and price stability of the tokens choose to use that machete during a moment of not-so-token-trader-friendly mood.
Murmurs have turned to whispers, and whispers have turned to mounting concern. After all, if the same entity manages liquidity for several memecoins across multiple exchanges, then a coordinated or reactive sell-off could send all three tokens into steep declines at once.
$Luce, $Maneki, and $Aidoge dumped in the same way at the same time.
Let’s think logically — what do they have in common? Two are #Solana memes, one is on #Arbitrum. But the real common factor is they all are listed on a T1 exchange — #OKX or #Bybit.
That means they likely share… pic.twitter.com/leJqJJK7UF— B.E.R.L.Y (@berly_off) April 18, 2025
This isn’t the first instance of such a phenomenon. Just weeks ago, a set of tokens listed on Binance—$ACT and $HIPPO among them—suffered rapid and simultaneous drawdowns. Those events also sparked community theories of shared market makers executing mass sell-offs in a not-so-volatile session.
What Comes Next?
Holders of $AIDOGE, $LUCE, and $MANEKI are left with apprehension. The most significant question posed is whether this downturn marks the floor, or if it more accurately reflects the start of a new leg down. The volumes traded suggest that there is still plenty of fire in this engine, so really, it amounts to a 50/50 toss-up.
Should the market maker theory hold, other tokens that share similar exchange profiles could be vulnerable to similar events. It also requires us to confront some unsettling inquiries about why centralized exchanges and their partners have so much influence over asset prices—especially in the highly volatile, thinly traded sectors occupied by memecoins.
Community in general watches closely to the activity of wallets and order books of exchanges for any possible hints about what could occur next. Watching closely seems to be the only thing possible at this point. We could be in a holding pattern. Some traders are looking for buying opportunities at these lower levels; others seem to be exercising caution.
Like always in the realm of memecoins, dollar prices can move with lightning speed, and what seems like a bargain one moment can turn into an apparent loss the next. The coming days are key in determining whether $AIDOGE and its peers can recover or whether more turbulence is up ahead.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
No Comments