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- Dogecoin, Shiba Inu Slide as Meme Coin Market Faces $1.7B Liquidation Frenzy
Dogecoin, Shiba Inu Slide as Meme Coin Market Faces $1.7B Liquidation Frenzy
Meme coins like Dogecoin, Shiba Inu, and Dogwifhat faced sharp declines on Dec. 10, wiping out recent gains and pushing the meme coin market cap to a three-week low, accompanied by surging liquidations and bearish sentiment.
Steven Walgenbach
December 10, 2024
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Breaking Crypto Stories
Here are the top stories today:
Dogecoin, WIF and Other Meme Coins Crash Hardest Amid $1.7B Crypto Liquidations
Crypto and Blockchain Will Outpace Outdated Banking Systems: Eric Trump
El Salvador to Scale Back Bitcoin Law Amid IMF Loan Negotiations
Cryptocurrency Investment Products Smash Records as BTC Surges Past $100K
Pudgy Penguins Surpass BAYC as Second-Largest NFT Collection by Market Cap
Question of the Day
Will there be a December rally?
Meme coins like Dogecoin, Shiba Inu, and Dogwifhat experienced significant price declines on Dec. 10, causing the sector's market cap to drop 21% in 24 hours, accompanied by high liquidation levels and reduced open interest, signaling bearish momentum.
The meme coin market cap hit a three-week low of $119.6 billion, with Dogecoin and Shiba Inu leading the losses at 5.6% and 10.4%, respectively, while Pepe gained 1.7%.
Daily trading volume nearly doubled, and open interest in derivatives for meme coins dropped sharply, reflecting bearish sentiment.
Over $1.7 billion in leveraged crypto positions were liquidated, marking the largest liquidation event since 2021, with Dogecoin and Shiba Inu accounting for the majority.
Eric Trump predicts that blockchain technology will surpass antiquated global banking systems, advocating for pro-crypto regulation in the U.S. to maintain global leadership while praising Elon Musk’s potential role in fostering innovation under the new administration.
Eric Trump highlighted the inefficiencies of traditional banking, emphasizing blockchain's ability to perform the same functions faster, cheaper, and without bureaucracy.
Trump called for transparent and sensible regulations to ensure the U.S. leads the global crypto industry, warning against falling behind other nations.
Trump expects Elon Musk to drive government efficiency and innovation in the new administration, fostering a favorable environment for crypto and business.
El Salvador plans to revise its Bitcoin Law to make Bitcoin acceptance voluntary instead of mandatory as part of securing a $1.3 billion IMF loan, reflecting a shift in its ambitious cryptocurrency policy.
El Salvador is amending its Bitcoin Law to remove the requirement for businesses to accept Bitcoin, aligning with IMF concerns.
This change is part of a $1.3 billion loan agreement with the IMF, potentially unlocking an additional $2 billion in international funding.
The rollback balances economic stability with innovation but raises questions about El Salvador's role as a cryptocurrency pioneer.
Cryptocurrency investment products set a new record with $3.85 billion in weekly inflows as Bitcoin surpassed the $100,000 milestone for the first time.
Bitcoin reached an all-time high of $104,000, attracting $2.5 billion in inflows and boosting year-to-date investments to $36.5 billion.
Ethereum investment products saw $1.2 billion in inflows, marking the largest weekly inflows since U.S. Ethereum ETFs launched.
Spot Bitcoin ETFs and blockchain equities played significant roles, with ETF holdings exceeding 1.1 million BTC and miner-related equities experiencing $124 million in inflows.
Pudgy Penguins has surpassed Bored Ape Yacht Club as the second-largest NFT collection by market cap, driven by a 44.9% weekly floor price surge and anticipation for the "Pengu" token launch on Solana.
Pudgy Penguins' market cap rose to $772.5 million, overtaking BAYC's $755 million, while CryptoPunks retains the top spot with a $1.5 billion valuation.
The announcement of the "Pengu" token launch on Solana, with 25.9% allocated to the Pudgy community, has spurred excitement and market activity.
Ethereum-based NFT trading volumes hit their highest levels since March, signaling renewed interest in high-profile projects like Pudgy Penguins.
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