- The recent downturn in the digital currency market is heavily impacting top meme coins, leading to significant liquidations.
- Among the meme coins affected, Dogecoin (DOGE), PEPE, and Dogwifhat (WIF) have been hit the hardest.
- According to data from CoinGlass, the total liquidation across the crypto market is $413.85 million.
The broader crypto market slump causes substantial liquidations in leading meme coins, affecting traders worldwide.
Meme Coin Liquidations Reach New Heights
The latest data reveals substantial liquidations in top meme coins over the past 24 hours. Dogecoin (DOGE), PEPE, and Dogwifhat (WIF) are among the most impacted. This liquidation rush follows a recent spike in their prices, only to plummet shortly after. The shift is attributed to the volatile nature of these assets after last week’s relative rally.
Breakdown of Liquidation Data
Based on CoinGlass statistics, PEPE has been the hardest hit, with liquidations amounting to $9.33 million, translating to 729,476,153,245 PEPE coins. Long position traders bore the brunt of these liquidations. Dogecoin followed closely with $8.27 million in liquidations, wiping out 56,916,724 DOGE from futures and derivatives markets overnight. Additionally, Dogwifhat suffered liquidations worth $4.14 million.
Impact on Other Meme Coins
The fall was not limited to these three, as other prominent meme coins like Shiba Inu and FLOKI also faced substantial losses. Shiba Inu decreased by 8.11%, and FLOKI dipped by 11.72%, adding to the overall market woes.
Potential for a Rebound?
Despite the recent downturn, there is some optimism for a potential rebound. History suggests that significant drops often precede notable upward trends. Dogecoin, for instance, is seeing bullish signs from whale accumulations and a proposed smart contract integration within its largest wallet ecosystem. Such developments could spur a significant price recovery in the near future.
Conclusion
The current liquidation trend highlights the volatile nature of meme coins within the broader crypto market. While significant losses have been recorded, especially for PEPE, DOGE, and WIF, the crypto community remains hopeful for a near-term rebound. Observers are particularly keen on developments within the Dogecoin ecosystem, which may offer a glimpse into market recovery patterns.
