Dogecoin, SHIB Plummet as Crypto Market Sheds $44B Overnight

DOGE has lost over 12.3% in value over the past 24 hours and trades at around $0.10, according to data from Quinceko. 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 future positions were liquidated over the past 24 hours, per data from Coinglass. Most liquidations (~80%) came from blown-out long trades.

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 Quinceko.

At press time, SHIB changes hands at around $0.00001.

Despite the price dip, SHIB enjoyed a modest 8.95% increase in daily trading volumes to $459 million over the past 24 hours.

Nearly 98.03% of SHIB long trades worth almost $1.15 million have been liquidated over the same period, suggests data from Coinglass.

With a market capitalization slightly above $6.5 billion, SHIB is the 14th-largest cryptocurrency.

Besides meme-coins, leading cryptocurrencies Bitcoin and Ethereum have also lost nearly 5% over the past 24 hours.

The primary reason behind the market-wide bearish price action is likely around growing insolvency fears of crypto exchange FTX.