Altcoin Market Crash

In a significant shakeup in the crypto market, 221,704 traders were liquidated in the past 24 hours, according to data from Coinglass. The largest single liquidation order took place on Binance in the ETH/USDT trading pair, valued at $18.48 million.On the hourly chart, Ethereum liquidations have also exceeded those of Bitcoin. In the past hour alone, total Ethereum liquidations have surged to $44.5 million, while 24-hour ETH liquidations stand at $107 million. Liquidations for other altcoins have also increased significantly.

As the crypto market continues to decline with increasing intensity, fear, uncertainty, and doubt (FUD) are rampant across social media platforms. On-chain data provider Santiment has reported that “sell” mentions are now outnumbering “buy” mentions every hour.In the past 24 hours, there have been several instances of this trend, with the ratio of negative to positive comments reaching its highest point in 2024. Santiment suggests that for bold traders, this period of heightened negativity could be an opportunity to adopt a contrarian strategy and buy into the market amidst widespread anger and frustration. Among the altcoins, the entire memecoin sector has suffered even more severely, with all of the top memecoins losing between 17-25%. It will be interesting to see whether these memecoins bounce back or if this marks the end of the meme coin mania.

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