Crypto Market Liquidations Reach $1.24 Billion Amid TRUMP Meme Coin Launch
In the last 24 hours, the crypto market saw liquidations surpassing $1.1 billion, primarily due to Bitcoin dipping below $100K before recovering. The altcoin market experienced significant corrections following the launches of the TRUMP and MELANIA meme coins, which attracted liquidity.
- 406,000 traders faced liquidations
- $921 million in long liquidations, $260 million in short liquidations
- Ethereum had over $207.5 million in long liquidations; Bitcoin exceeded $202 million
Bitcoin and Altcoins Recovery
Despite initial selling pressure after the MELANIA launch, Bitcoin rebounded, trading up 2.6% at $108,258 with daily trading volumes over $108 billion. Over 20,000 BTC ($2 billion) were withdrawn from exchanges, indicating increased investor confidence.
- Ethereum price surged past $3,345, bouncing from support levels of $3,100
- Analyst IncomeSharks predicts potential breakout for ETH above the downward trendline
Impact of TRUMP Meme Coins on Market
The launches of TRUMP and MELANIA meme coins led to notable market volatility. TRUMP became the third-largest meme coin by market cap at $11.7 billion within two days, with trading volumes reaching $55 billion. MELANIA has also seen a 75% increase, now trading at $12.68 and a market cap exceeding $2 billion.
Donald Trump Jr. expressed pride in the crypto developments, emphasizing their potential impact on DeFi and CeFi markets.