u.today
Short traders of two of the market’s top meme coins have been stunned by liquidation imbalance in the last 24 hours. Notably, $PEPE, born on the Ethereum blockchain, and dogwifhat ($WIF) on Solana have recorded differences in short trade positions.
$PEPE's short sellers bear brunt
According to CoinGlass data, $PEPE traders in the short position experienced greater liquidation than long-position investors. $PEPE’s short position liquidation stood at $1.07 million compared to long position liquidation, which came in at $990,460.
This brings the total liquidation for $PEPE to $2.06 million. The liquidation might have been triggered by $PEPE's price fluctuation in the broader market. Market dynamics saw the meme coin plunge to a low of $0.00002009 in earlier trading.
This dip and a significant decline in trading volume could have prompted the increased liquidation of the short-position traders. As of this writing, trading volume has plummeted by 31.72% to $1.52 billion. Meanwhile, $PEPE is changing hands at $0.00002083, according to CoinMarketCap data.
On its part, $WIF recorded a total liquidation of $1.7 million. Of this amount, short position traders registered $672,160 in liquidation. Long position liquidation stood higher at $1.08 million.
$WIF rebounded from a low of $1.949, buoyed by a mild rally to current price levels. The meme coin is currently trading for $2.06, a 1.93% upsurge. Its volume has slightly gone up by 5.54% to $367.58 million.
Musk's role in $PEPE's resurgence
$WIF had been listed among top meme coins that depreciated as 2024 drew close. Notably, the Solana-based coin saw approximately 12% of its market capitalization wiped out in market volatility. Hence, this price rebound is welcomed by investors and traders alike.
Conversely, $PEPE posted a green candlestick on the last trading day of last year, soaring by a significant 16%. Market watchers attributed the spike to tech billionaire Elon Musk, who switched his X to "Kekius Maximus."
Musk also changed his profile picture to the popular Pepe-the-Frog meme, triggering a reaction from the crypto community.