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Dogecoin, SHIB Post More Losses as Crypto Market Sheds $11B Overnight

Posted by Andries Van Tonder on October 11, 2022 - 2:01pm

Dogecoin, SHIB Post More Losses as Crypto Market Sheds $11B Overnight

As the crypto market shed another $11 billion, Dogecoin and SHIB have been hit hard, with the meme coins suffering hefty losses overnight.

By Andrew Asmakov

Some of the more popular meme coins are all related to dogs. Image: Shutterstock

Shiba Inu (SHIB) fell 4.5% over the past 24 hours and is now trading hands at $0.00001032, slightly recovering from the daily low of $0.00000998 seen earlier on Tuesday, according to CoinGecko.

The popular meme coin’s downwards price action comes amid the broader crypto market slump, which saw the cumulative value of all digital currencies fall 2.2% over the day to the current level of $960 billion.

SHIB was among the six new assets included in the forthcoming listing by cryptocurrency exchange BitMEX, with trading slated to commence later this week.

However, as the charts show, the announcement failed to boost the price of the industry’s 13th-largest cryptocurrency. Over $1.6 million in SHIB trades have been liquidated over the past 24 hours, predominantly from short positions, according to data from Coinglass.

Looking at the bigger picture, it’s been almost a year since the historic meme coin craze saw the asset hit an all-time high of $0.00008616.

Today—much to the investors’ dismay—the coin is trading down 88% from its historical record, and down about 60% since the start of the year.

DOGE follows the downtrend

The leading meme coin, Dogecoin (DOGE), is meanwhile down 1.8% over the day and currently trades at around $0.0593, data from CoinGecko shows.

With a market capitalization of $8.1 billion, DOGE now is the 10th-largest cryptocurrency.

The meme coin saw some positive price action last week after news broke that Tesla billionaire owner Elon Musk agreed to purchase Twitter on the deal’s original term, however, is still down 8.5% over the past month, and almost 75% since the beginning of January.

Elsewhere in the market, Bitcoin (BTC) fell close to $19,000 in the early hours on Tuesday before recovering to $19,117 by press time.

Ethereum (ETH) is meanwhile down -1.1% over the last trading, changing hands at $1,285.

DISCLAIMER

THE VIEWS AND OPINIONS EXPRESSED BY THE AUTHOR ARE FOR INFORMATIONAL PURPOSES ONLY AND DO NOT CONSTITUTE FINANCIAL, INVESTMENT, OR OTHER ADVICE.

Andries Van Tonder thank you Otto
October 12, 2022 at 7:13am
Andries Van Tonder I agree with you Neal
October 12, 2022 at 5:31am
The Neal and Janet Brown Family Trust Until the inflation is brought down out of the stratosphere, the Crypto market will continue to suffer like the stock market is. It's a crappy time for investors of all kinds
October 12, 2022 at 4:42am
Andries Van Tonder I agree with you Simon. Shiba Inu (SHIB) fell 4.5% over the past 24 hours and is now trading hands at $0.00001032, slightly recovering from the daily low of $0.00000998 seen earlier on Tuesday
October 11, 2022 at 2:33pm
Simon Keighley Heck, the crypto market's suffering some hefty losses - thanks for sharing the news, Andries.
October 11, 2022 at 2:19pm