This December 10, several memecoins, including Dogecoin (DOGE), Shiba Inu (SHIB), and Dogwifhat (WIF), experienced significant declines, erasing much of the gains made during the recent Donald Trump-inspired rally. This drop pushed the total market capitalization of the crypto meme market to a three-week low, reaching $119.6 billion.
Crypto: The memecoin market collapses
Losses were particularly sharp for Dogecoin, which fell 5.6% in 24 hours, while SHIB saw a 10.4% decline. On the other hand, Pepe (PEPE), was the only large-cap memecoin to post gains, increasing by 1.7%. Additionally, the daily trading volume of memecoins almost doubled, reflecting intense selling pressure. Additionally, open interest (OI) for the same cryptos declined, with Pnut (PNUT) leading the decline, showing a 30% decrease in 24 hours. DOGE's OI decreased by over 20%, reaching $3.1 billion, while WIF's OI fell by 27%, reaching $519 million.
This drop in memecoins is accompanied by massive liquidations in the crypto market, with more than $1.7 billion in leveraged positions liquidated in 24 hours. DOGE and SHIB were the most affected, with $72.6 million and $22.35 million in long position liquidations, respectively. PEPE and WIF also suffered liquidations, but to a lesser extent. This liquidation event is the largest since 2021, marking a significant turning point in the crypto market.
Predictions for December
In December 2024, predictions for memecoin prices show some volatility. Dogecoin (DOGE) is expected to fluctuate between $0.37 and $0.78, while Shiba Inu (SHIB) and Dogwifhat (WIF) are expected to see similar fluctuations due to their growing popularity and the humorous crypto craze. . However, experts remain cautious. They point out that these currencies are subject to significant variations depending on market trends and external influences.
The recent drop in prices of memecoins, including Dogecoin, Shiba Inu, and Dogwifhat, illustrates the volatility inherent in these assets. Forecasts for December 2024 remain uncertain, highlighting the importance of caution in crypto investments. Investors must therefore remain informed and vigilant in the face of market fluctuations.
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