Crypto market in flux: ETH, PEPE contribute to $50 million liquidation; short positions suffer

Crypto market in flux: ETH, PEPE contribute to $50 million liquidation; short positions suffer

May 8, 2023

By Suzuki Shillsalot

The crypto market witnesses a $50 million liquidation event, with Ethereum and memecoins at the forefront.

Short positions take a hit as investors face substantial liquidations.

7 May witnessed a dramatic event in the crypto market as over $50 million worth of investments got liquidated. Ethereum [ETH] took the lead in this wave of liquidation. However, hot on its heels was a memecoin that had been capturing the attention of enthusiasts worldwide.

Crypto market witness over $50 million in liquidations

According to the latest data from Coinglass, the crypto market experienced an extraordinary 24-hour liquidation surpassing the $50 million mark. At the time of writing, the liquidation amount stood at approximately $52 million, having previously surged past $100 million. Ethereum took the lead in liquidation volume, with over $2 million currently liquidated.

Adding to the liquidation statistics was memecoin Pepe [PEPE], which ranked second, with a staggering liquidation of over 640 billion PEPE. The tokens were equivalent to a value exceeding $1 million. Other affected cryptocurrencies included king coin Bitcoin [BTC], with over 1 million coins.