The crypto market cap has taken a significant hit today. Most coins are in the red and experiencing losses on the daily and weekly price charts. Shiba Inu (SHIB) and Dogecoin (DOGE), the two most well-known meme coins, are also among those struggling with significant dips below support.
Today’s global crypto market cap was below $1 trillion, which caused the total value of all digital currencies to decline by over 2% over the course of the day to $918 billion, while the total volume of the crypto market increased by about 35.84% over the previous 24 hours, according to data from CoinMarketCap.
However, Global markets have continued to sink as central bankers are raising interest rates in order to keep soaring inflation under control. Other events, like payrolls, and speeches from monetary authorities, have also affected global risk assets. Therefore, risky assets such as cryptocurrencies have recently begun declining even faster.
Cryptocurrencies have endured a tough time this year, losing $2 trillion in value since it was at its peak back in 2021. Since crypto winter swept through the industry, prices for most coins have fallen by 50%.
Even the most prominent cryptocurrency in the world, Bitcoin – which had once reached an all-time high of around $69000 – plummeted to below the $20k mark, nearly 72% lower as per CoinGecko statistics.
Shiba Inu And Dogecoin Are Suffering In Red
According to CoinGecko’s data, Shiba Inu (SHIB), the thirteenth largest coin, had fallen 5.3% within the last 24 hours and was currently trading at $0.00001030. In addition, the token showed a 7.9% decline in losses within the previous seven days.
Meanwhile, data from CoinGecko reveals that DOGE, the 10th-largest cryptocurrency and well-known meme coin, is down 1.8% on the day and is trading at around $0.059811 at the moment.
Moreover, the token’s 24-hour trading volume increased by 30% to $665.19 million, despite an almost 2% decline in its market cap to $8.17 billion, per Nomics’s data.
Coin prices usually increase when external factors, like improved social sentiment and retail hype, come about. However, even when BitMEX announced the addition of SHIB to its platform on October 9, the price of Shiba Inu (SHIB) did not appear to increase at all.
While on the other hand, the price of the meme coin increased last week when it was announced that Tesla’s billionaire owner Elon Musk had agreed to buy Twitter under the terms of the original agreement.
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