Within the previous 24 hours, the crypto market has been subject to liquidations totaling up to almost $120 million, with almost 70% of them being long positions. However, a significant chunk of these liquidations has been tied to the PEPE meme coin, and some of its other clones. A high percentage of meme coins like Shiba inu in the crypto market has displayed signs of a short-term correction, and it is expected that their prices could continue to dip further.
Mass liquidations have not yet taken place, but it is necessary for investors to stay vigilant at the same time. The recent excitement around PEPE and other meme coins has managed to attract considerable capital, leading to massive gains for these tokens. The current liquidations of long positions suggest that investors have been blindly betting on the rise of meme coins only to be caught off guard by the market volatility.
The liquidation of $120 million is a cruel way for the crypto market to remind investors of swift market movements. At the time of writing, PEPE has declined by almost 5.28% in the last 24 hours, and the decline has pushed the trading price of the coin to approximately $0.000002438. However, at the same time, the total market cap of the meme coin is currently $955 million.
Crypto Whale Loses $600k
A meme coin whale who purchased PEPE for almost $3 million just a few days ago is now sitting on an unexpected loss of a whopping $600k. The trading price of the new meme coin has dipped by more than 42% just a few days after reaching its all-time high, leaving the whale with hundreds and thousands in losses.
Despite the crypto being a subject of extreme volatility in its trading price, the percentage of PEPE holders has increased steadily over the last three weeks. At present, it is believed that the token holders account for almost 144,534.
Meme coins have played a key role within the crypto industry since the creation and introduction of DOGE. Due to the widespread lack of fundamentals, investing in meme coins is a risky business as vast funds are made and wiped out in a short time. Be it DOGE, SHIB, PEPE, or FLOKI, investors have lost a fortune due to the FOMO, as they believe such investments can make them a billionaire overnight.
