Crypto

Dogecoin and SHIB Drop as Crypto Market Loses $44 Billion Overnight CryptoBlog

The meme coin rally fueled by Elon Musk seems to be finally over.

Dogecoin/link and shiba inus (SHIB) have recorded significant losses over the past 24 hours, according to data from Quinceko.

DOGE has lost more than 12.3% in value in the past 24 hours and is trading at around $0.10, according to data from Quinceko. Despite today’s heavy losses, DOGE is still up 67.5% over the past 30 days.

Heated trading for the crypto canine pushed its daily trading volumes across multiple exchanges to $2.3 billion, a 30% jump from the previous day.

With a market capitalization of just over $14 billion, DOGE is still the 8th largest cryptocurrency. If the slowdown continues, however, it could drop its ranking to the layer 1 blockchain. gimbal (ADA).

More than $15.09 million in Dogecoin futures positions have been liquidated in the past 24 hours, according to data from coin glass. Most of the liquidations (~80%) came from long blown trades.

Dogecoin liquidations, green bars indicate long blown trades. Source: Coinglass

SHIB supports DOGE

In the past, SHIB and DOGE price actions were highly correlated. Today is no different.

The second-largest coin, Shiba Inu (SHIB), is also down 8.5%, erasing the coin’s monthly gains over the past 24 hours, according to data from Quinceko.

At press time, SHIB is changing hands at around $0.00001.

Despite the price drop, SHIB saw a modest 8.95% increase in daily trading volumes to $459 million in the past 24 hours.

Nearly 98.03% of long SHIB trades worth almost $1.15 million were liquidated during the same period, data from Coinglass suggests.

With a market capitalization of just over $6.5 billion, SHIB is the 14th largest cryptocurrency.

Besides memecoins, major cryptocurrencies Bitcoin and Ethereum have also lost nearly 5% in the past 24 hours.

The main reason for the market-wide bearish price action is likely related to the growing insolvency fears of the crypto exchange FTX.

Things went wrong for FTX after Binance CEO Changpeng Zhao revealed the company’s decision to sell nearly $500 million of FTX’s native token, FTT.

Among the quarrelthe cryptocurrency’s market capitalization fell 3.5% to $1.03 trillion in the past 24 hours.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.

Stay up to date with crypto news, get daily updates in your inbox.



#Dogecoin #SHIB #Drop #Crypto #Market #Loses #Billion #Overnight #CryptoBlog #Crypto

Related Articles

Back to top button