As a seasoned researcher with years of experience in the tumultuous world of cryptocurrencies, I can’t help but shake my head at the latest market turmoil involving Dogecoin and Shiba Inu. Having witnessed numerous market corrections over the years, I’ve learned to expect the unexpected in this unpredictable landscape.
On Wednesday, the crypto market experienced a significant downturn, with Dogecoin (DOGE) and Shiba Inu (SHIB) taking the lead. Specifically, Dogecoin saw a decrease of 12%, while Shiba Inu tumbled by 18% within a 24-hour period.
Unexpectedly large sell-offs led to significant market exits, as Dogecoin experienced a staggering $115.80 million in closed positions, while Shiba Inu faced $19.08 million in forced sales.
In a span of merely six hours, an unexpected market drop took place, causing the most harm to those using leveraged trading. As reported by Coinglass, a staggering $902 million in liquidations occurred during this timeframe, impacting no less than 284,782 traders. This sudden sell-off led to significant financial losses, as traders who had taken on leverage were compelled to abandon their positions.
dogecoin, valued at approximately $0.3671, saw a decrease of around 12% over the past day. With a market value of roughly $53.88 billion and a circulating amount of about 146.77 billion DOGE coins in circulation, Dogecoin is experiencing considerable volatility. In the last 24 hours, the trading volume for Dogecoin was around $37.15 billion.
Contrastingly, Shiba Inu experienced a more significant drop of approximately 18.43%, bringing its current price down to $0.000024. Despite this decline, it continues to maintain a market capitalization of around $14.2 billion, and there are over 589 trillion SHIB tokens in circulation. Within the past 24 hours, Shiba Inu has traded a volume of about $4.39 billion.
Over a 24-hour period, the swift drop caused significant losses for numerous traders who had borrowed money to trade, resulting in a total of $115.8 million worth of Dogecoin and $19.08 million worth of Shiba Inu being liquidated. In all, approximately 284,394 traders suffered this fate.
This sharp market correction highlights the risks of leveraging in volatile markets, especially for retail traders.
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2024-11-13 11:00