10/11/2022 | Decrypt

As the crypto market shed another $11 billion, Dogecoin and SHIB have been hit hard, with the meme coins suffering hefty losses overnight.

 As the crypto market shed another $11 billion, Dogecoin and SHIB have been hit hard, with the meme coins suffering hefty losses overnight.

Shiba Inu (SHIB) fell 4.5% over the past 24 hours and is now trading hands at $0.00001032, slightly recovering from the daily low of $0.00000998 seen earlier on Tuesday, according to CoinGecko.

The popular meme coin’s downwards price action comes amid the broader crypto market slump, which saw the cumulative value of all digital currencies fall 2.2% over the day to the current level of $960 billion.

SHIB was among the six new assets included in the forthcoming listing by cryptocurrency exchange BitMEX, with trading slated to commence later this week.

However, as the charts show, the announcement failed to boost the price of the industry’s 13th-largest cryptocurrency. Over $1.6 million in SHIB trades have been liquidated over the past 24 hours, predominantly from short positions, according to data from Coinglass.

Looking at the bigger picture, it’s been almost a year since the historic meme coin craze saw the asset hit an all-time high of $0.00008616.

Today—much to the investors’ dismay—the coin is trading down 88% from its historical record, and down about 60% since the start of the year.

DOGE follows the downtrend

The leading meme coin, Dogecoin (DOGE), is meanwhile down 1.8% over the day and currently trades at around $0.0593, data from CoinGecko shows.

With a market capitalization of $8.1 billion, DOGE now is the 10th-largest cryptocurrency.

The meme coin saw some positive price action last week after news broke that Tesla billionaire owner Elon Musk agreed to purchase Twitter on the deal’s original term, however, is still down 8.5% over the past month, and almost 75% since the beginning of January.

Elsewhere in the market, Bitcoin (BTC) fell close to $19,000 in the early hours on Tuesday before recovering to $19,117 by press time.

Ethereum (ETH) is meanwhile down -1.1% over the last trading, changing hands at $1,285.