Significant Market Dive for Memecoins on December 10

12 月 10 日 Memecoin 市场大幅跳水

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 市场出现显着下跌，狗狗币 (DOGE)、柴犬 (SHIB) 和 Dogwifhat (WIF) 等知名代币遭受大幅损失。这些跌幅超过了更广泛的加密货币市场抛售，并抹去了最近与美国前总统唐纳德·特朗普相关的反弹的大部分收益。

Market Cap Slumps to a Three-Week Low

市值跌至三周低点

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 行业总市值跌至 1196 亿美元，为 11 月 27 日以来的最低点，当时曾短暂触及 1180 亿美元。这意味着短短 24 小时内暴跌 21%。与此同时，模因币的每日交易量几乎翻了一番，反映出投资者寻求减轻损失而带来的抛售压力增加。

Dogecoin Leads the Decline

狗狗币引领跌势

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%.

狗狗币是市值最大的模因币，在过去 24 小时内下跌了 5.6%。其竞争对手 Shiba Inu 的表现更差，同期下跌 10.4%。值得注意的是，基于以太坊的 PEPE 是唯一逆势而上的重要模因币，上涨了 1.7%。

Open Interest Decline Precedes Crash

未平仓合约在崩盘前下降

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 价格急剧下跌之前，主要代币的未平仓合约 (OI) 急剧下降。 OI衡量的是未结算衍生品合约的总数，随着交易者在看跌情绪加剧的情况下平仓，合约数量大幅减少。 PNUT 领跌，过去 24 小时内 OI 下降了 30%，表明对该代币的信心减弱。狗狗币 (DOGE) 紧随其后，其 OI 暴跌超过 20% 至 31 亿美元，但仍是 Dogwifhat (WIF) 的六倍，后者的 OI 下降了 27% 至 5.19 亿美元。基于以太坊的 PEPE 下降了 11%，至 3.024 亿美元。

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

未平仓合约的下降表明，随着交易者平仓，市场活动和信心减少，加剧了 memecoin 的抛售。

Liquidation Event Shakes the Market

爆仓事件震动市场

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.

更广泛的加密货币市场最近面临清算激增，24 小时内损失超过 17 亿美元。值得注意的是，根据 CoinGlass 的数据，短短 12 小时内就清算了 13 亿美元，使该活动成为 2021 年以来规模最大的此类活动。

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 是受清算影响最严重的货币之一。狗狗币受到的影响尤其严重，价值 7260 万美元的多头头寸被清空。 Shiba Inu 也面临损失，多头头寸被清算 2235 万美元。其他损失包括 790 万美元的 PEPE 多头损失和 360 万美元的 WIF 多头损失。此次清算事件与 12 月 5 日闪电崩盘期间类似的情况如出一辙，当时 8.16 亿美元的多头头寸从市场上消失。当前的动荡与加密货币格局的动荡本质相呼应。

Bearish Sentiment Grows

看跌情绪增强

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

memecoin 衍生品的未平仓合约减少表明前景悲观，交易者因预期价格进一步下跌而平仓杠杆头寸。

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.

这次抛售反映了 2021 年熊市的开始，并凸显了 memecoin 固有的波动性。在 12 月 10 日的崩盘期间，比特币的价格下跌了 11%，引发了山寨币的更广泛抛售。仅 Memecoin 的市值就损失了 10 亿美元。在这些市场波动中，模因币清楚地提醒人们，加密货币领域的数字资产具有投机性质。