The Dogecoin price fell by no less than 9% in the past 24 hours, making it the biggest faller out of the 10 largest cryptocurrencies.
Dogecoin drops in value
The Dogecoin price has dropped by more than 9 percent overnight. The DOGE price is now trading around $0.088. In fact, in the past seven days, Dogecoin is down almost 16%.
After Ethereum and Bitcoin, DOGE generated the third most liquidations in the past 24 hours. Coinglass reports a total of $6.34 million in DOGE liquidations, the majority of which took place on the crypto exchange Binance. About half of those liquidations, $3.79 million, were liquidated in the past 12 hours.
Due to today’s fall in prices, a large part of the profit achieved in November has already evaporated. These gains came amid ongoing speculation that Elon Musk would integrate the crypto currency into Twitter.
In a recent presentation, Twitter’s new CEO shared certain user statistics from the site, as well as several new updates. The last box next to “Payments” was blank, prompting rumors that Musk had big plans for the introduction of a crypto currency. However, there are few indications that he will actually follow through with this plan.
Crypto markets are flashing red
Although Dogecoin is the biggest loser in the top 10 largest cryptocurrencies, it is not the only cryptocurrency that has dropped in value. In the past 24 hours, Bitcoin and Ethereum have lost 0.7% and 1.43% respectively.
All eyes are on this week’s House Financial Services Committee meeting. In which Sam Bankman-Fried of FTX and Alameda Research is expected to testify to explain how his crypto exchange collapsed last month.
I still don’t have access to much of my data, both professionally and personally. As a result, I can’t say everything and I wouldn’t be as helpful as I’d like. But since the committee still thinks it would be helpful, I’m willing to testify on the 13th.
—Sam Bankman Fried
The Federal Reserve also meets on Wednesday. The central bank is expected to raise interest rates by 50 basis points. Previously, increases often consisted of 75 basis points. This suggests that the Fed is on track to curb its attack on inflation.