Meme Coin Market Plunges, Leading to Massive Liquidations

Bitcoin briefly soared to $95,000 but swiftly declined, triggering a sharp selloff in altcoins, particularly in the meme coin category.

Meme Coin Market Cap Crashes

The meme coin market capitalization witnessed a significant drop, falling from over $130 billion to $115 billion, marking a loss of more than 10%. This decline contributed to the broader cryptocurrency market's 2.3% decline over the past 24 hours.

Top Meme Coin Losers

POPCAT and PNUT suffered substantial losses, plummeting by nearly 20% and 17%, respectively. Other notable double-digit losses were seen in BONK (-12%), WIF (-11.3%), and PEPE (-10.5%).

DOGE and SHIB Recover Partially

DOGE and SHIB, the two most prominent meme coins, experienced significant declines but later recovered a portion of their losses. DOGE fell to $0.364 from $0.4 but has since rebounded to $0.375. SHIB exhibited a similar trend, declining by 6.5% since yesterday.

Liquidation Surge

Coinglass data reveals a total of $415 million in liquidated positions over the past 24 hours, with longs accounting for a substantial portion ($311 million). BTC did not lead the liquidations; instead, lower-cap meme coins assumed that role. Over 160,000 traders faced liquidations during this period.

Heat Map

The liquidation heat map sourced from Coinglass provides an overview of the liquidation activity by asset category.