The decline in the broader digital currency ecosystem is significantly impacting the major meme coins on the market, with corresponding selloffs recorded. At the time of writing, the total liquidation in the broader market stands at $413.85 million. according to CoinGlass data.
The decline in the broader digital currency ecosystem is significantly impacting the major meme coins on the market, with corresponding selloffs recorded. At the time of writing, the total liquidation in the broader market stands at $413.85 million. according to CoinGlass data.
meme coin settlements
Some of the top meme coins that have appeared in the sell-off over the past 24 hours include Dogecoin (DOGE), PEPE, and dogwifhat (WIF). This sell-off is a function of the price decline of these meme coins, an inevitable trend from the relative rally recorded last week.
Godfrey BenjaminCoinGlass data places PEPE as the meme coin that has suffered the largest liquidation, with a value of $9.33 million in 24 hours. This figure amounts to 729,476,153,245 PEPE liquidated in this period of time, with long traders being the ones who obtained the most “rekt”.
Dogecoin (DOGE) follows with a total of $8.27 million recorded in losses during the time frame. This settled amount represents 56,916,724 DOGE removed from the futures and derivatives market overnight. Dogwifhat is also among the most liquidated meme coins in the market with around $4.14 million recorded.
These liquidations come on the heels of massive price drops for these meme coins. While Dogecoin fell by 9.57%, PEPE saw its price fall by 11.28% and dogwifhat by 18.33%.
While these three meme coins were at the forefront of meme coin liquidations, other major players including Shiba Inu and FLOKI also recorded their fair share of losses, pegged at 8.11% and 11.72%, respectively.
Bigger drop, bigger bounce
With the significant drop recorded by these tokens, there is a chance that the accompanying rally will be forceful in the coming days or weeks.
Yuri MolchanSome of these meme coins are already recording impressive upgrades within their ecosystem that may help fuel an impressive price rally in the near term. One of them is Dogecoin with a visibly bullish whale accumulation and a proposed smart contract integration within its largest wallet ecosystem.
