Meta Digest

Dogecoin plummets overnight, suffers major loss

Image source: Marca

Dogecoin (DOGE), the crypto industry’s most prominent meme coin by market capitalization, plummeted over 9% overnight.


The meme coin is now trading at around $0.088 after the latest drop.

Additionally, the Bears have been controlling the token for the past week.

To elaborate, Dogecoin fell almost 16% over the past seven days.

Following Ethereum and Bitcoin, DOGE generated the third-highest liquidations in the past 24 hours.

Meanwhile, Coinglass reports a total of $6.34 million in DOGE liquidations.

The majority of the liquidation occurred on the crypto exchange Binance and roughly half of the liquidation ($3.79 million) was liquidated in the last 12 hours.

Read also: Maxine Waters means business, urges SBF to appear


The accumulated losses have yet to affect the gains earned at the end of November following speculation that Elon Musk would incorporate Dogecoin into Twitter.

During a recent presentation, Musk shared user metrics for the site along with new updates like encrypted messaging and long-form tweets.

However, the final box beside “Payments” remains blank, prompting speculations that Musk has big plans to introduce cryptocurrency, particularly Dogecoin.

Despite the speculations, there has been little indication that he will push with the plans.

Other drops

Despite Dogecoin suffering the most significant losses in the top 10 largest cryptocurrencies, it wasn’t the only one to drop points.

In the past 24 hours, Bitcoin and Ethereum dropped -0.7% and -1.5%, respectively.

Bitcoin is currently trading for $17,028.75, while Ethereum sells at $1,252.90.

Ethereum led the liquidations in the same period, posting $12.57 million in blown-out leveraged positions.

Meanwhile, Bitcoin traders lost $9.25 million in the latest bearish impulse.

Read also: Blockchain industry set to flourish in the Middle East

Other notes

In the crypto space, patrons are focused on Tuesday’s meeting with the House Financial Service Committee.

Sam Bankman-Fried, the former CEO of FTX and Alameda Research, is expected to testify and explain how his crypto exchange collapsed in November.

“I still do not have access to much of my data – professional or personal,” he said in a Twitter conversation with House Chairwoman Maxine Waters.

“So there is a limit to what I will be able to say, and I won’t be as helpful as I’d like.”

“But as the committee still thinks it would be useful, I am willing to testify on the 13th.”

Additionally, the Federal Reserve is meeting on Wednesday.

The market expects the central bank to raise interest rates by 50 basis points.

The previous rate raises were 75 basis points, indicating that the Fed is on track to slowing down its attack on inflation, given the latest data points.


Dogecoin plummets 9% as crypto markets flash red

DogeCoin manages better Black Friday than other coins

Image source: Crypto Stars

DogeCoin had an intense week on Black Friday as it outperformed Bitcoin and Ethereum in the crypto market.

Friday movement

On Friday, the revolutionary meme coin jumped 10.5% over a 24-hour period, as recorded by CoinGecko.

Despite the surge, it was far from DogeCoin’s all-time high in May 2021, when the coin hit 73 cents.

DogeCoin’s massive leap came when Elon Musk, an avid supporter of the meme coin, hosted Saturday Night Live.

The coin first started as a joke but became the Tesla owner’s digital asset of choice.

During Black Friday, DogeCoin became the best-performing major cryptocurrency in the market.

Read also: FTX struck with major debt to 50 creditors

Other coins

Bitcoin, the leading cryptocurrency, fell 0.5% on Friday, while Ethereum dropped to nearly 1%.

Meanwhile, the cryptocurrency market continues to reel after a brutal month.

Investors were disappointed to hear that FTX, one of the most prominent and promising cryptocurrency exchanges, has gone bankrupt.

As a result, almost every major coin and token went through a sell-off.

It is unknown how DogeCoin handled a better Black Friday rally, but the Crypto Twitter speculation has gone viral.

Writing about the future of blockchain, David Gokhshtein, an influencer, said:

“I feel that we’ll all see Vitalik and Elon working together to somehow upgrade $DOGE.”

The meme coin

DogeCoin was created in 2013 by engineers who jokingly paid tribute to the “doge” meme, a Shiba Inu dog who speaks broken English.

However, Elon Musk started pumping the coin on Twitter in 2020 (which he now owns), driving up its value.

From there, Musk and Mark Cuban, an influential investor, argued over the usefulness of paying with the coin.

Despite the rally, DogeCoin is still down 91% from its peak.

Read also: Blockchain industry set to flourish in the Middle East

Current movement

As of this writing, DogeCoin has a market capitalization of $12.7 million.

While it is down -11.4% in the last 24 hours, the coin is selling for $0.093136.


Dogecoin gets double-digit Black Friday pump

Dogecoin climbs higher after Elon Musk’s Twitter purchase

Image source: Fox Business

Dogecoin is booming now more than ever after Elon Musk took over Twitter, taking the coin out of crypto winter.

The meme coin is currently on sale for $0.12.

Dogecoin rally

The meme coin enjoyed a rally when the richest man in the world finally bought the popular social media platform last week.

Earlier this week, Dogecoin’s value briefly doubled, going up to 14 cents.

Elon Musk’s influence on the cryptocurrency has been going on for years, but the coin eventually eclipsed prices that hadn’t been seen in May.

Although Musk didn’t mention Dogecoin after the purchase on Twitter, he replied to Billy Markus on Twitter, one of the developers behind the meme coin.

Over the past week, the cryptocurrency’s value has grown even more.

The meme coin jumped from $8.1 billion to $ 16,630,929,389 (as of this writing).

Dogecoin has already overtaken coins like Cardano and Solana to become market capitalization’s eighth most popular cryptocurrency.

Read also: Dogecoin prices shoot up after Elon Musk decides to push for buying Twitter

Crypto exchanges

The meme coin has experienced significant volume in major cryptocurrency exchanges in the past few days.

It is currently the third most traded token on Coinbase, accounting for 14% of the exchange’s total trading volume.

Meanwhile, trading between stablecoin Tether and Dogecoin has generated $1.8 billion on Binance in the past 24 hours.

It accounts for 10% of the total trading volume of the Binance exchange.

Additionally, the cryptocurrency and Binance USD trading exceeded $900 million, accounting for 5% of Binance’s total trading volume.

Coin movement

Despite the rally, Dogecoin is still down 84% from its all-time high.

The coin hit 73 cents in May last year.

That day, Elon Musk was a guest on Saturday Night Live.

After Musk’s SNL appearance, the coin plummeted 35% after he called it the future of the currency but also referred to it as a hustle.

Read also: Elon Musk Stands His Ground in Supporting Dogecoin Despite Lawsuit

Musk and Dogecoin

Dogecoin’s growing popularity can partly be attributed to Musk’s long-standing relationship with the meme coin.

In the past, he has referenced the coin in a few tweets.

Musk then added Dogecoin as a payment method for some of his companies’ products and services.

Select Tesla merchandise are available for sale with the meme coin on the company’s website.

Additionally, The Boring Company accepts cryptocurrency as payment for its Las Vegas Loop.

In April, Elon Musk announced plans to allow Twitter users to use Dogecoin to pay for Twitter Blue, the platform’s premium subscription service.

The Tesla founder’s fondness for the meme coin dates back to 2019 when he tweeted:

“Dogecoin may be my fav [sic] cryptocurrency.”

From there, he would share memes about the coin.

However, not everyone believes that Musk endorsed the cryptocurrency in good faith.

In June, Musk, SpaceX and Tesla were slapped with a $258 billion lawsuit.

The lawsuit alleged that Elon Musk was pumping the cryptocurrency.

Apart from Dogecoin, Musk’s acquisition has also impacted dog-themed coins like Shiba Inu and Dogechain.

The two coins are up 19% and 100% this week.


Dogecoin leaps 94% in weekly gains following Elon Musk’s Twitter acquisition