Elon Musk-fueled meme coin rally appears to have finally ended.
Dogecoin/link and Shiba Inu (SHIB) have posted significant losses over the past 24 hours, per data from Coingecko.
DOGE has lost over 12.3% in value over the past 24 hours and trades at around $0.10, according to data from Coingecko. Despite today’s heavy losses, DOGE is still up 67.5% over the past 30 days.
Intense trading for the canine-crypto pumped its daily trading volumes across multiple exchanges to $2.3 billion, a 30% jump over the previous day.
With a market capitalization slightly above $14 billion, DOGE is still the 8th-largest cryptocurrency. If the downturn continues, however, it could drop its ranking to layer-1 blockchain Cardano (ADA).
Over $15.09 million worth of Dogecoin futures positions were liquidated over the past 24 hours, per data from Coinglass. Most liquidations (~80%) came from blown-out long trades.
Dogecoin liquidations, green bars indicate blown-out long trades. Source: Coinglass
SHIB backs DOGE
In the past, SHIB and DOGE price actions have strongly correlated. Today is no different.
The second-largest meme coin, Shiba Inu (SHIB), is also down 8.5%, wiping off the coin’s monthly gains over the past 24 hours, per data from Coingecko.
At press time, SHIB changes hands at around $0.00001.
Bitcoin erased gains Monday ahead of the U.S. midterm elections and the expected release of inflation data.
The largest cryptocurrency by market cap was trading for $20,710, down 2.4% in 24 hours, CoinGecko data showed at the time of writing.
It is now only up minimally in the past seven days by 0.5%, losing the gains it made at the weekend when it broke above the $21,000 mark—at one point hitting $21,414—jumping after news of job growth in the U.S.
Ethereum, the second biggest digital asset,...
The primary reason behind the market-wide bearish price action is likely around growing insolvency fears of crypto exchange FTX.
If unfortunately FTX becomes another LUNA,nobody in the industry can benefit from the accident including Binance. Both customers and regulators will lose some confidence about the whole industry .I hope CZ can think about stop to sell FTT and make a new deal with SBF.
Kraken users will be able to stake their Bitcoin, the U.S. crypto exchange giant announced in a Thursday blog post.
The San Francisco, California-based company said that customers can lock their BTC up on the platform and earn rewards as BABY token thanks to the Bitcoin protocol, Babylon.
"A substantial amount of Bitcoin currently sits idle on our exchange, representing a significant opportunity cost for clients and a missed opportunity for the broader ecosystem," Kraken Global Head of Consume...
The crypto market finds itself at a crossroads as geopolitical tensions rattle global financial markets. The crypto majors have barely budged today, with Bitcoin, Ethereum, XRP and all the rest down the line staying flat—for crypto standards anyway,
Total cryptocurrency market capitalization sits at $3.58 trillion, right around where it was yesterday. Bitcoin is struggling to hold above the $104,000 mark, again, right around where it was yesterday. XRP is trading for $2.14, and Ethereum is just...
Publicly traded Bitcoin miner Bitdeer aims to raise $330 million through a convertible notes offering, the firm announced on Wednesday, with its stock price falling further to extend recent losses.
The offering was upsized $30 million from the private placement’s principal amount of $300 million, which was initially announced on Tuesday. Furthermore, the firm will offer the option of up to an additional $45 million in principal notes to initial purchasers.
The 4.875% convertible notes will be d...
