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Short traders of two of the top cryptocurrencies on the market have been stunned by a liquidation imbalance in the past 24 hours. Notably, PEPE, which was born on the Ethereum blockchain, and dogwifhat (WIF) on Solana recorded differences in short trade positions.
PEPE short sellers bear the brunt
according to Queen Glass According to the data, PEPE traders in the short position saw greater liquidation than investors in the long position. The liquidation of short positions in PEPE was $1.07 million compared to the liquidation of long positions, which amounted to $990,460.
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This brings PEPE's total liquidation to $2.06 million. The liquidation may have been caused by the volatility of PEPE prices in the broader market. Market dynamics saw the meme coin fall to a low of $0.00002009 in previous trading.
This decline and the significant decline in trading volume could have led to increased liquidation by traders of short positions. As of this writing, trading volume has fallen by 31.72% to $1.52 billion. Meanwhile, PEPE is trading at $0.00002083, according to CoinMarketCap. Data.
For its part, WIF recorded a total liquidation of $1.7 million. Of this amount, short position traders recorded $672,160 in liquidation. Liquidation of long positions increased to $1.08 million.
WIF has rebounded from its low of $1,949, supported by a slight rally to current price levels. The meme coin is currently trading for $2.06, an increase of 1.93%. Its volume rose slightly by 5.54% to $367.58 million.
Musk's role in Pepe's return
It was WIF included Among the top meme currencies that have decreased in value as 2024 approaches. Notably, the Solana-based coin saw a loss of nearly 12% of its market value due to market volatility. Hence, this price rise is welcomed by investors and traders alike.
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Conversely, Bibi posted a green candlestick on the last trading day of last year, A significant increase of 16%. Market observers attributed this rise to technology billionaire Elon Musk, who changed the X to “Kikios Maximus.”
Musk also changed his profile picture to the iconic Pepe-the-Frog image, sparking backlash from the cryptocurrency community.
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