The slump in the broader digital currency ecosystem is taking a significant toll on top meme coins in the market with a corresponding liquidation recorded. At the time of writing, the total liquidation in the broader market comes in at $413.85 million, according to data from CoinGlass.Some of the top meme coins that featured in the liquidation over the past 24 hours include Dogecoin (DOGE), PEPE and dogwifhat (WIF). This liquidation is a function of the drop in the price of these meme coins, an inevitable trend from the relative rally picked up in the past week.
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The CoinGlass data pegs the PEPE as the meme coin that has suffered the most liquidation, worth $9.33 million in 24 hours. This figure comes in at 729,476,153,245 PEPE liquidated within this time span, with long traders getting “rekt” the most.Dogecoin (DOGE) follows with a total of $8.27 million recorded in losses within the time span. This liquidated amount accounts for 56,916,724 DOGE washed-off futures and derivatives market overnight. Dogwifhat is also tagged among the most liquidated meme coins in the market with about $4.14 million recorded.These liquidations come on the heels of the massive price drops from these meme coins. While Dogecoin tripped by 9.57%, PEPE saw its price dip by 11.28% and dogwifhat down by 18.33%.While these three meme coins were at the forefront of the meme coin liquidations, other top players, including Shiba Inu and FLOKI, also recorded a fair share of losses, pegged at 8.11% and 11.72%, respectively.With the major dip recorded by these tokens, there is a probability that the accompanying rally will be resounding in the coming days or weeks.
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Some of these meme coins are already recording impressive updates within their ecosystem that can help fuel impressive price rebound in the near term. One of this is Dogecoin with a visibly bullish whale accumulation and proposed smart contract integration within its biggest wallet’s ecosystem.