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DOGE, PEPE and WIF see millions of token liquidations, here’s what happened
Goffredo Beniamino
Dogecoin, PEPE and WIF involved in massive round-the-clock liquidations
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The collapse in the broader digital currency ecosystem is taking a toll on the market’s major meme coins, with a corresponding liquidation recorded. At the time of writing, total liquidation in the broader market stands at $413.85 million, second to CoinGlass data.
Meme coin liquidations
Some of the major meme coins that have undergone liquidation in the last 24 hours include Dogecoin (DOGE), PEPE and dogwifthat (WIF). This liquidation is a function of the falling price of these meme coins, a trend that has been inevitable since the relative rally seen last week.
Data from CoinGlass places PEPE as the meme coin that has suffered the most liquidations, with a value of $9.33 million in 24 hours. This figure amounts to 729,476,153,245 PEPE liquidated in this time frame, with long traders getting the largest “rekt”.
Dogecoin (DOGE) follows, with total losses of $8.27 million. This liquidated amount represents 56,916,724 DOGE cleared from the futures and derivatives market overnight. Dogwifhat is also labeled among the most liquidated meme coins on the market with around $4.14 million registered.
These liquidations come in the wake of the massive drop in prices of these meme coins. While Dogecoin stumbled 9.57%, PEPE saw its price fall 11.28% and dogwifhat 18.33%.
While these three meme coins were at the forefront of meme coin liquidation, other major players, including Shiba Inu and FLOKI, also recorded a fair share of losses, set at 8.11% and 11.72% respectively.
Bigger drop, bigger bounce
With the sharp decline recorded by these tokens, it is likely that the rally accompanying them will be sensational in the coming days or weeks.
Some of these meme coins are already seeing impressive upgrades within their ecosystem that can help fuel an impressive price recovery in the near term. One of them is Dogecoin with a visibly bullish and proposed whale accumulation smart contract integration within the ecosystem of its larger portfolio.
About the author
Goffredo Beniamino
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for cryptocurrencies was born when, as a former banker, he discovered the clear advantages of decentralized money compared to traditional payments. With his extensive experience covering various aspects of Web3, Godfrey’s articles have been published in Blockchain.news, Cryptonews, and Coingape, among others.