Dogecoin, SHIB Post More Losses as Crypto Market Slips $11B overnight

• Shiba Inu (SHIB) slipped 4.5% in the last 24 hours and is now trading at $0.00001032.
• It is marginally getting better from the daily low of $0.00000998 witnessed on Tuesday, as per the report on CoinGecko.

The famous meme coin slipping price action comes in between the wider crypto market collapse, which witnessed the collective value of all virtual currencies slip 2.2% in one day to the existing level of $960 billion. 

SHIB was one of the six new assets involved in the anticipated listing by crypto exchange BitMEX, with trading engaged to start this week. Although, in line with the charts, the publicization was unsuccessful in enhancing the price of the industry’s 13th-largest crypto. More than $1.6 million in SHIB trades have been circulated in the last 24 hours, mostly from short positions, as per the data shared by the Coinglass.

Looking at the larger picture, it has been about a year since the very popular meme coin craze witnessed the asset strike an all-time high of $0.00008616. At this time, the majority to the investors’ concern, the coin is trading down 88% from its all-time high and is also down 60% since the beginning of the year. 

The Downfall

At the same time, Dogecoin (DOGE) has been low by 1.8% in the past one day and recently traded at $0.0593, this data is also revealed by CoinGecko. Having a market capitalization of $8.1 billion, it is now positioned as the 10th-largest cryptocurrency.

The meme coin witnessed some positive price action one week ago after news came that Tesla owner Elon Musk accepted the offer to buy Twitter on the deal’s original term. Although, even now, it is 8.5% down in the duration of last month and about 75% from the start of January.

Outside in the market, Bitcoin slipped to about $19,000 in the starting hours on Tuesday before recovering to $19,117 by press time. At the same time, Ethereum is down -1.1% over the last trading at $1,285.