DOGE, PEPE and WIF See Millions in Token Liquidations, Here's What Happened

Meme Coin Liquidations Amidst Market Slump

The broader digital currency ecosystem is facing a significant downturn, with top meme coins experiencing substantial liquidations. At the time of writing, the total market liquidation stands at $413.85 million, as per CoinGlass data.

Meme Coin Liquidation Details

Several prominent meme coins have faced liquidations in the past 24 hours, including Dogecoin (DOGE), PEPE, and Dogwifhat (WIF). These liquidations are a consequence of the decline in these coins' prices, a result of the rally witnessed during the previous week.

PEPE incurred the highest liquidation among meme coins, amounting to $9.33 million in 24 hours. Approximately 729,476,153,245 PEPE tokens were liquidated during this period, with long traders suffering the most losses.

Dogecoin (DOGE) follows with $8.27 million in losses. This liquidation accounts for 56,916,724 DOGE liquidated in futures and derivatives markets within the past day. Dogwifhat is also among the most liquidated meme coins, with $4.14 million recorded.

Price Drops and Market Impact

These liquidations come on the heels of significant price drops in the affected meme coins. Dogecoin dropped by 9.57%, PEPE saw an 11.28% decline, and Dogwifhat experienced an 18.33% loss.

While these three meme coins faced the most liquidations, other prominent players such as Shiba Inu and FLOKI also encountered notable losses, at 8.11% and 11.72%, respectively.

Potential Rebound

Despite these significant dips, there is a strong likelihood of an accompanying rally in the near future. Some meme coins are already making positive developments within their ecosystems, which could fuel an impressive price recovery. Dogecoin, for instance, has witnessed bullish whale accumulation and plans to integrate smart contracts within its largest wallet's ecosystem.