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.