Significant Market Dive for Memecoins on December 10

12 月 10 日 Memecoin 市場大幅跳水

On December 10, the memecoin market experienced a notable decline, with prominent tokens like Dogecoin (DOGE), Shiba Inu (SHIB), and Dogwifhat (WIF) incurring substantial losses. These drops exceeded the broader cryptocurrency market sell-off and erased much of the gains from a recent rally associated with former U.S. President Donald Trump.

12 月 10 日，memecoin 市場出現顯著下跌，狗狗幣 (DOGE)、柴犬 (SHIB) 和 Dogwifhat (WIF) 等知名代幣遭受大幅損失。這些跌幅超過了更廣泛的加密貨幣市場拋售，並抹去了最近與美國前總統川普相關的反彈的大部分收益。

Market Cap Slumps to a Three-Week Low

市值跌至三週低點

The total market capitalization of the memecoin sector fell to $119.6 billion, its lowest point since November 27, when it briefly hit $118 billion. This represents a 21% plunge in just 24 hours. Simultaneously, daily trading volumes for memecoins nearly doubled, reflecting increased selling pressure as investors sought to mitigate losses.

Memecoin 產業總市值跌至 1,196 億美元，為 11 月 27 日以來的最低點，當時曾短暫觸及 1,180 億美元。這意味著短短 24 小時內暴跌 21%。與此同時，模因幣的每日交易量幾乎翻了一番，反映出投資者尋求減輕損失而帶來的拋售壓力增加。

Dogecoin Leads the Decline

狗狗幣引領跌勢

Dogecoin, the largest memecoin by market cap, lost 5.6% in the past 24 hours. Its rival, Shiba Inu, fared worse, dropping 10.4% during the same period. Notably, Ethereum-based PEPE was the only significant memecoin to defy the trend, gaining 1.7%.

狗狗幣是市值最大的迷因幣，在過去 24 小時內下跌了 5.6%。其競爭對手 Shiba Inu 的表現較差，同期下跌 10.4%。值得注意的是，基於以太坊的 PEPE 是唯一逆勢而上的重要迷因幣，上漲了 1.7%。

Open Interest Decline Precedes Crash

未平倉合約在崩盤前下降

The steep decline in memecoin prices on December 10 was preceded by a sharp drop in open interest (OI) across major tokens. OI measures the total number of unsettled derivative contracts and witnessed significant reductions as traders closed positions amid increasing bearish sentiment. PNUT led the retreat with a 30% decline in OI over the past 24 hours, indicating waning confidence in the token. Dogecoin (DOGE) followed suit, with its OI plummeting over 20% to $3.1 billion—still six times higher than Dogwifhat (WIF), which experienced a 27% decline in OI to $519 million. Ethereum-based PEPE saw a more moderate reduction of 11% to $302.4 million.

在 12 月 10 日 Memecoin 價格急劇下跌之前，主要代幣的未平倉合約 (OI) 急劇下降。 OI衡量的是未結算衍生性合約的總數，隨著交易者在看跌情緒加劇的情況下平倉，合約數量大幅減少。 PNUT 領跌，過去 24 小時內 OI 下降了 30%，顯示對該代幣的信心減弱。狗狗幣 (DOGE) 緊隨其後，其 OI 暴跌超過 20% 至 31 億美元，但仍是 Dogwifhat (WIF) 的六倍，後者的 OI 下降了 27% 至 5.19 億美元。基於以太坊的 PEPE 下降了 11%，至 3.024 億美元。

The decline in open interest points to reduced market activity and confidence as traders exited their positions, exacerbating the memecoin sell-off.

未平倉合約的下降表明，隨著交易者平倉，市場活動和信心減少，加劇了 memecoin 的拋售。

Liquidation Event Shakes the Market

爆倉事件震動市場

The broader cryptocurrency market recently faced a surge in liquidations, with over $1.7 billion lost within 24 hours. Notably, $1.3 billion was liquidated within just 12 hours, making this event the largest of its kind since 2021, according to CoinGlass data.

更廣泛的加密貨幣市場最近面臨清算激增，24 小時內損失超過 17 億美元。值得注意的是，根據 CoinGlass 的數據，短短 12 小時內就清算了 13 億美元，使該活動成為自 2021 年以來規模最大的此類活動。

Memecoins were among the most heavily affected by the liquidations. Dogecoin was particularly impacted, with long positions worth $72.6 million wiped out. Shiba Inu also faced losses, with $22.35 million in long positions liquidated. Additional losses included $7.9 million in PEPE longs and $3.6 million in WIF longs. This liquidation event mirrors a similar occurrence during the December 5 flash crash, when $816 million in long positions vanished from the market. The current turmoil echoes the volatile nature of the cryptocurrency landscape.

Memecoin 是受清算影響最嚴重的貨幣之一。狗狗幣受到的影響尤其嚴重，價值 7,260 萬美元的多頭部位被清空。 Shiba Inu 也面臨損失，多頭部位被清算 2,235 萬美元。其他損失包括 790 萬美元的 PEPE 多頭損失和 360 萬美元的 WIF 多頭損失。這起清算事件與 12 月 5 日閃電崩盤期間類似的情況如出一轍，當時 8.16 億美元的多頭部位從市場上消失。當前的動盪與加密貨幣格局的動盪本質相呼應。

Bearish Sentiment Grows

看跌情緒增強

The decreased open interest in memecoin derivatives suggests a pessimistic outlook, with traders closing leveraged positions in anticipation of further declines.

memecoin 衍生品的未平倉合約減少表明前景悲觀，交易者因預期價格進一步下跌而平倉槓桿頭寸。

This sell-off mirrors the initiation of the 2021 bear market and highlights the volatility inherent in memecoins. During the December 10 crash, Bitcoin's price fell by 11%, triggering a wider sell-off in altcoins. Memecoins alone lost $1 billion in market capitalization. Amidst these market fluctuations, memecoins serve as a stark reminder of the speculative nature of digital assets in the cryptocurrency space.

這次拋售反映了 2021 年熊市的開始，並凸顯了 memecoin 固有的波動性。在 12 月 10 日的崩盤期間，比特幣的價格下跌了 11%，引發了山寨幣的更廣泛拋售。光是 Memecoin 的市值就損失了 10 億美元。在這些市場波動中，迷因幣清楚地提醒人們，加密貨幣領域的數位資產具有投機性質。