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.
Coinbase has now overtaken two of the world's largest securities exchanges in terms of transaction revenue, according to a crypto analyst from the private bank Coutts.
The crypto exchange generated $5.75 billion in transaction revenue over the past 12 months, compared to just $4.54 billion for the Nasdaq, where many of the world’s most valuable companies, including Apple, Google, and Microsoft, are traded.
Coinbase also surpassed the Stock Exchange of Hong Kong, the HKEX, which generated $2.67 b...
After several extended reviews since June this year, the Securities and Exchange Commission (SEC) has finally approved the first spot exchange-traded funds combining Bitcoin and Ethereum.
The agency has authorized Nasdaq to list the Hashdex Nasdaq Crypto Index US ETF and the Cboe BZX Exchange to list the Franklin Crypto Index ETF, according to a filing released Thursday.
"The proportion of bitcoin and ether to be held by each Trust will be based on free-float market capitalizations," the filing...
Dogecoin (DOGE) fell 12.4% in the past 24 hours as a broader market decline continues, triggered by the Federal Reserve's latest economic outlook.
The meme coin has dropped to $0.31, while trading volume surged 67% to $10.25 billion as holders repositioned their bags. It's now down 35% from its 2024 high of $0.47.
Despite the pullback, Dogecoin's market capitalization remains at $46.6 billion, maintaining its position as the seventh-largest crypto.
Powell's hawkish comments about higher-than-exp...