The broader cryptocurrency market is experiencing a significant decline, heavily affecting top #meme coins. At the moment, total liquidations in the market have reached $413.85 million, according to CoinGlass.
Over the past 24 hours, meme coins like #Dogecoin (DOGE) #PEPE and #Dogwifhat (WIF) have seen substantial liquidations due to falling prices. PEPE has been hit the hardest, with $9.33 million in liquidations, equating to 729.5 billion PEPE tokens. Long traders have suffered the most from this.
Dogecoin (DOGE) follows with $8.27 million in liquidations, which means 56.9 million DOGE tokens were wiped out from the futures and derivatives markets overnight. Dogwifhat has also seen significant losses, with $4.14 million liquidated.
These liquidations are due to the significant price drops: Dogecoin is down 9.57%, PEPE has dropped 11.28%, and WIF has decreased by 18.33%. Other meme coins like ShibaInu and FLOKI have also faced losses, down 8.11% and 11.72%, respectively.
Despite this major dip, there is a chance for a strong rebound in the coming days or weeks. Some of these meme coins are already showing positive developments that could lead to an impressive price recovery soon.