The Elon Musk-fueled meme coin rally appears to have finally come to an end.
According to data from Coingecko, Dogecoin/link and Shiba Inu (SHIB) have posted significant losses in the last 24 hours.
According to data from Coingecko, the value of DOGE is down by over 12.3% in the last 24 hours and is trading at around $0.10. DOGE is still up 67.5% over the past 30 days, despite today's huge losses.
Intense trading for canine-crypto increased its daily trading volume across multiple exchanges to $2.3 billion, a 30% increase from the previous day.
With a market capitalization of slightly over $14 billion, DOGE is still the 8th largest cryptocurrency. However, if the downturn continues, it could drop its ranking to the Layer-1 blockchain Cardano .
According to data from Coingglass, over $15.09 million worth of Dogecoin futures positions were liquidated in the last 24 hours. Most of the liquidations (~80%) came from blown long trades.
In the past, SHIB and DOGE price actions have been strongly correlated. Today is no different.
The second largest meme coin, the Shiba Inu (SHIB), is also down 8.5%, according to data from Coingecko, which wiped out the coin's monthly gains over the past 24 hours.
Despite the price drop, SHIB enjoyed a modest 8.95% increase in daily trading volume to $459 million in the last 24 hours.
Data from Coinglass shows that approximately 98.03% of SHIB long trades worth approximately $1.15 million were liquidated over the same period.