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.
Crypto prices spiked during early Asian trading hours Tuesday after U.S. President Donald Trump announced that a ceasefire between Iran and Israel had come into effect, triggering a sharp recovery across major altcoins and largely erasing weekend losses tied to the conflict.
"THE CEASEFIRE IS NOW IN EFFECT. PLEASE DO NOT VIOLATE IT!" Trump said in a Truth Social post.
The rally represents a relief following the seeming resolution of a crisis that sent crypto markets tumbling over the weekend wh...
Crypto prices spiked early Monday evening as President Donald Trump said on social media that Iran and Israel have agreed to a ceasefire, purportedly putting an end to days of bombing.
"CONGRATULATIONS TO EVERYONE!" Trump wrote on Truth Social. "It has been fully agreed by and between Israel and Iran that there will be a Complete and Total CEASEFIRE (in approximately 6 hours from now, when Israel and Iran have wound down and completed their in progress, final missions!), for 12 hours, at which p...
Bitcoin and the broader crypto market displayed remarkable resilience Monday as oil prices fell near 6% after touching a five-month high following U.S. airstrikes against Iran over the weekend and the fears of Iran closing the Strait of Ormuz.
The S&P 500 rose to 6,006 points today, gaining 0.52% from the previous session, hovering just over the psychologically important 6,000 level first breached earlier this month. The Federal Reserve held rates steady for the fourth meeting in a row at 4.25%-...
