Dogecoin plummets overnight, suffers major loss
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Dogecoin (DOGE), the crypto industry’s most prominent meme coin by market capitalization, plummeted over 9% overnight.
Liquidations
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.
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Losses
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.
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