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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.
Tune in to Dogeathon 2022. Hackathon Live Stream starting soon! Much wow. https://t.co/chTXg7cVu9
— Dogecoin (@dogecoin) November 15, 2022
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.