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.
After missing a couple of beats in late May and early June, BlackRock's iShares Bitcoin exchange-traded fund (IBIT) returned to its previous searing form last week, totaling about $1.1 billion in net investments.
The fund has been one of the great investment success stories, cracking $70 billion in assets under management in just 341 days, faster than any of the thousands of funds in the ETF industry's 32-year history. IBIT's popularity reflects not only of the $11.6 trillion asset management gi...
The top meme coin by market cap, Dogecoin, is diving lower amid a broader market sell-off, dropping nearly 6% in the last 24 hours as tensions between Israel and Iran flare following Israel’s airstrikes late Thursday.
The dog-themed meme coin leader is now trading below $0.178, down 23% over the last month and more than 75% from its all-time high of $0.73 in 2021.
The meme category as a whole is underperforming major assets, dropping 9.5% in the last 24 hours compared to 2.6% and 8% for Bitcoin...
The Middle East is again at war, with rising tensions between Israel and Iran spooking markets and sending prices for both traditional and crypto assets, such as Bitcoin and Ethereum, tumbling to weekly lows. Is it time to panic for Bitcoin investors? The data currently doesn’t support that view.
Bitcoin dropped 4.5% in the past 24 hours to trade at $104,343, while Ethereum crashed 8.2% to $2,552 as escalating Middle East tensions sparked a massive risk-off move across cryptocurrency markets. Th...
