It is particularly noteworthy that the third largest meme coin Pepe!!!

It is particularly noteworthy that the third largest meme coin Pepe!!!

According to data provided by Coinglass, during the period from July 4 to 5, the market experienced a total of up to $750.55 million in long positions and $198.66 million in short positions being liquidated. The liquidation mechanism here means that when the trader's account margin is insufficient to support its open positions in the futures market, the system will force these positions to be closed.

During the liquidation process, traders will submit orders to the market in the opposite direction of the original open positions before closing the positions to complete the liquidation. Due to the sharp price fluctuations, this continuous and rapid long liquidation often triggers a chain reaction, forming a "cascade effect" of liquidation.

From a long-term market perspective, this large-scale cryptocurrency liquidation may have a positive impact. It helps to clear out traders who rely too much on leverage in the market, thereby creating more favorable conditions for spot-driven price changes, and at the same time, it also weakens the interference of speculative activities on the market to a certain extent.

It is particularly noteworthy that Pepe, the third largest meme coin (by market capitalization), may benefit from the aftereffects of the recent market sell-off, and its price performance may usher in a turnaround as the market gradually stabilizes.

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