Memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) took a hit on Dec. 10, erasing gains from a recent rally. The memecoin market cap fell to a three-week low of $119.6 billion, down 21% in 24 hours. Trading volume surged, showing intense selling pressure. DOGE led losses with a 5.6% drop, while SHIB fell 10.4%. Open interest in memecoins also declined, signaling bearish trends as traders closed positions. Massive crypto liquidations followed, wiping out over $1.7 billion in leveraged positions, marking the largest liquidation event since 2021.