Dogecoin falls 9% as crypto-currency markets go red

Dogecoin, the crypto industry’s largest “meme currency” by market capitalization, fell more than 9% overnight.

DOGE is now trading at about $0.088 after the latest drop. Over the past seven days, Dogecoin has fallen nearly 16%, according to CoinGecko.

After Ethereum and Bitcoin, DOGE has generated the third highest number of liquidations in the past 24 hours.

Coinglass reports a total of $6.34 million in DOGE liquidations, the majority of which took place on Binance. Approximately half of these liquidations ($3.79 million) were completed in the last 12 hours.

The accumulated losses have yet to nibble away at the significant gains made in late November, following continued speculation that Elon Musk would integrate the crypto-currency with Twitter.

At a recent presentation, Twitter’s new CEO shared the site’s user metrics and several new updates, including encrypted messaging and long-form tweets. The last box next to “Payments” is empty, which fueled the rumor that Musk had big plans to introduce a crypto-currency.

However, there is little indication that he is actually moving forward with such plans.

Beyond Dogecoin: Crypto-currency markets are flashing red

While Dogecoin is the biggest loser among the top 10 crypto-currencies, it’s not the only digital asset losing points.

Over the past 24 hours, Bitcoin and Ethereum have both lost 1.4% and 2.2% respectively. The industry’s largest crypto-currency is now trading at just under $17,000, while Ethereum is trading at $1,246.

Ethereum led liquidations during the same period, posting $12.57 million in exploding leveraged positions. Bitcoin traders lost $9.25 million during the latest downward momentum.

All eyes are on Tuesday’s meeting with the House Financial Services Committee, where Sam Bankman-Fried of FTX and Alameda Research is expected to testify to unpack how his crypto-currency exchange collapsed last month.

“I still don’t have access to much of my data – professional or personal” he said last week in a conversation with House Speaker Maxine Waters. “So there’s a limit to what I’ll be able to say, and I won’t be as helpful as I’d like to be.” But since the commission still thinks it would be helpful, I am willing to testify on the 13th. “

The Federal Reserve also meets Wednesday, with the market expecting the central bank to raise interest rates by 50 basis points. Previous rate hikes were 75 basis points, suggesting the Fed is poised to slow its attack on inflation given the latest data points.