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Dogecoin and Shib Fall as the Crypto Market Loses $44 Billion Overnight

The Elon Musk-driven meme currency surge seems to have come to a stop. According to Coingecko data, Dogecoin/link and Shiba Inu (SHIB) have experienced large losses during the last day. According to information from Coingecko, DOGE is currently trading at about $0.10, having dropped in value by over 12.3% during the last day. Despite its steep losses today, DOGE had gained 67.5% over the last 30 days.

The canine-crypto saw intense trade that increased its daily trading volumes across several exchanges to $2.3 billion, a 30% increase from the day before. DOGE is still the eighth-largest cryptocurrency with a market worth just over $14 billion. However, if the decline persists, it might lose ground to layer-1 blockchain Cardano (ADA).

According to statistics from Coinglass, bets in Dogecoin futures worth over $15.09 million have been closed off in the last 24 hours. 80 percent of liquidations were caused by long trades that went bust. Coinglass lists the liquidations of Dogecoin.

Dogecoin liquidations; green bars show long transactions that have gone blown out. From Coinglass. Shiba Inu (SHIB), the second-largest meme coin, is also down 8.5%, wiping out the token’s monthly gains over the previous 24 hours, according to Coingecko data.

As of the time of publication, SHIB is traded at about $0.00001. In spite of the price decline, SHIB saw a slight 8.95% rise in daily trading volumes to $459 million over the previous day. According to data from Coinglass, over 98.03% of SHIB long deals worth almost $1.15 million have been settled during the same time period.

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SHIB is the fourteenth-largest cryptocurrency with a market capitalization of a little over $6.5 billion. Along with meme coins, the top cryptocurrencies Bitcoin and Ethereum have dropped close to 5% in value during the last day.

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