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Toby Bochan

Dogecoin hits 2024 high

While President-elect Donald Trump has brought a lot of attention and enthusiasm to the original cryptocurrency, bitcoin — which has soared past a new record high of $87,000 — Elon Musk’s favorite meme coin, dogecoin, is also enjoying a massive post-Election Day rally.

Today dogecoin’s price rose to over $0.30 for the first time in over three years and has seen over $18 billion in trading volume in the past 24 hours, according to CoinMarketCap.

Musk has long been a fan of the meme coin, and called himself the “dogefather” in his 2021 SNL appearance. His enthusiasm for the coin has pumped the price before, as in 2022 when he announced that customers could purchase Tesla merch with doge, sending the price up 15%.

His current relationship with Trump and the possibility of him taking a role in the administration as head of the “Department of Government Efficiency” — or, that’s right, DOGE — is sending the coin once again to the moon.

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Ethereum falls below a critical level

The last time ethereum was below $3,000 was in July 2025, after a number of corporate firms had begun to roll out their ethereum treasury strategies.

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Painvember is real — the crypto market has lost more than $1 trillion in overall market cap since early October and now sits at $3.2 trillion, down from $4.3 trillion on October 6, when bitcoin hit its all-time high.

Bitcoin dipped below $90,000 for the first time since April late Monday night. The asset is roughly flat from one year ago, shortly after the US presidential election.

“The longer bitcoin stays under $100k, the more the sense of imminent doom intensifies. But amid all this panic, there are reasons to be optimistic. We’ve seen BTC ETF ownership jump from 20% to 28% this year, institutional demand remains high, and the biggest Bitcoin whale — Michael Saylor — has just scooped up more BTC,” Nic Puckrin, cofounder of Coin Bureau, told Sherwood News.

  • The Bitcoin Fear and Greed Index is now at 11, reflecting “extreme fear.”

  • Bitcoin ETFs saw $254.51 million in outflows on Monday, bringing total outflows to $2.59 billion in November. BlackRock’s iShares Bitcoin Trust, the most successful bitcoin ETF, saw a whopping $1.26 billion exit its fund so far this month.

  • Meanwhile, ethereum ETFs suffered $182.8 million in outflows — $1.42 billion so far this month, according to SoSoValue.

  • Crypto liquidations reached $801 million in the past 24 hours, Coinglass data shows. Bitcoin suffered $433 million in liquidations, with the bulk of them — $390.89 million — in long positions.

“Bitcoin and crypto are trading much more like classic risk assets right now. Everything is moving with broader risk sentiment and growing anxiety around credit,” Greg Magadini, director of derivatives at Amberdata, told Sherwood.

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