Dogecoin Drops 9% as Crypto Market Stumbles
The largest meme coin in the crypto market in terms of market capitalization is Dogecoin, which saw its value drop overnight by 9%.
After the latest decline in Dogecoin’s price, the token was trading at a value of $0.088. The last week also saw the token in control of the bears.
According to the numbers put forward by CoinGecko, there has been a 16% decline in the price of Dogecoin in the last week.
Liquidations
The third-most liquidations to take place in the last 24 hours was that of Dogecoin, with Ethereum on top and Bitcoin taking the second spot.
According to Coinglass, DOGE liquidations were about $6.34 million, most of which had taken place on the crypto exchange Binance.
The last 12 hours had recorded almost half, or $3.79 million, of these liquidations take place. Despite the losses, the currency is still performing quite well.
This is due to the fact that the end of November saw DOGE record some hefty gains after constant speculation that the meme coin could be incorporated into Twitter by Elon Musk.
Twitter plans
The new CEO of Twitter had presented some user metrics in a recent presentation and also given some updates, which include long-form tweets and encrypted messaging.
However, the box next to ‘Payments’ remained blank, which got the rumor mill going once more about Musk’s plans to add a cryptocurrency.
But, there is no such indication that they will take any of these plans forward. In the list of the top 10 cryptocurrencies,Dogecoin was the biggest loser, but it was not the only digital asset that saw a drop.
There has been a 1.4% drop in Bitcoin in the last 24 hours, while Ethereum has shed 2.2%. The former is trading below a value of $17,000, while the latter had reached a value of $1,246.
In the same period, liquidations of Ethereumwere $12.57 million, while the latest bearish movement had seen Bitcoin lost $9.25 million.
Crypto collapse
The focus of the crypto market is turned towards the House Financial Services Committee’s hearing scheduled for Tuesday.
The former CEO and founder of crypto exchange FTX, Sam Bankman-Fried, is expected to testify at the hearing.
Last week, the crypto entrepreneur had said that he did not have access to a lot of his data, both professional and personal.
He had informed Maxine Waters, the House Chairman who invited him to the hearing that he would only be able to offer limited information and would not be very helpful.
However, he had said that if they still wanted him to attend, he would be ready to testify in the hearing on the 13th of December.
Another important event is scheduled for Wednesday, which is the meeting of the Federal Reserve, as it is expected that another interest rate hike would be delivered, but of 50 basis points this time around.
The previous hikes had been of 75 basis points each, which suggests that the Fed may be slowing down its attack on inflation.
