Memecoins
Over 45,000 Traders Liquidated as Bitcoin (BTC) Slips Below $62,000 and Meme Coins Bleed
More than 45,000 overleveraged traders were liquidated in the last 24 hours as the cryptocurrency market turned red again.
Some of the biggest daily losers come from the ever-volatile coin industry, with BONK, PEPE and FLOKI leading the unfavorable trend.
Bitcoin/Price/Chart. Source: TradingView
CryptoPotato reported the substantial gains recorded yesterday by most of the larger cap cryptocurrencies, with bitcoin surpassing $64,000 on several occasions.
However, the asset failed to decisively surpass this level and declines have reappeared since then. Within hours, they pushed the leading digital asset to a 10-day low, well below $62,000.
Although it has since recovered some ground, BTC is still trading in the red, having lost more than 2% of its value.
The landscape around altcoins is even worse. Solana is leading the trend with a 5% decline that has pushed it south to $136. Ethereum, which was among the best performers yesterday, fell 3.2% and is now struggling to stay above $3,200.
Even greater losses are evident from representatives of the coin field. BONK dumped almost 10%, followed by PEPE (down 8.5%) and FLOKI (-7.5%).
Naturally, these declines hurt overleveraged traders, with over 45,000 speculative market participants being liquidated in the past day alone.
The total value of positions destroyed represents a little over $100 million. The largest took place on OKX and was worth almost $3 million.
Despite the overall bearish sentiment in the market, there are still some positive signs and developments On the Bitcoin front, this could reverse the recent downward trajectory.