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The slump in the broader digital currency ecosystem is taking a significant toll on top meme coins in the market with a corresponding liquidation recorded. At the time of writing, the total liquidation in the broader market comes in at $413.85 million, according to data from CoinGlass.
Meme coin liquidations
Some of the top meme coins that featured in the liquidation over the past 24 hours include Dogecoin (DOGE), PEPE and dogwifhat (WIF). This liquidation is a function of the drop in the price of these meme coins, an inevitable trend from the relative rally picked up in the past week.
The CoinGlass data pegs the PEPE as the meme coin that has suffered the most liquidation, worth $9.33 million in 24 hours. This figure comes in at 729,476,153,245 PEPE liquidated within this time span, with long traders getting "rekt" the most.
Dogecoin (DOGE) follows with a total of $8.27 million recorded in losses within the time span. This liquidated amount accounts for 56,916,724 DOGE washed-off futures and derivatives market overnight. Dogwifhat is also tagged among the most liquidated meme coins in the market with about $4.14 million recorded.
These liquidations come on the heels of the massive price drops from these meme coins. While Dogecoin tripped by 9.57%, PEPE saw its price dip by 11.28% and dogwifhat down by 18.33%.
While these three meme coins were at the forefront of the meme coin liquidations, other top players, including Shiba Inu and FLOKI, also recorded a fair share of losses, pegged at 8.11% and 11.72%, respectively.
Bigger dip, bigger rebound
With the major dip recorded by these tokens, there is a probability that the accompanying rally will be resounding in the coming days or weeks.
Some of these meme coins are already recording impressive updates within their ecosystem that can help fuel impressive price rebound in the near term. One of this is Dogecoin with a visibly bullish whale accumulation and proposed smart contract integration within its biggest wallet’s ecosystem.