Dogecoin Leads the Losses

Dogecoin, the largest memecoin by market capitalization, led the losses with a 5.6% drop in the past 24 hours, while SHIB recorded a 10.4% decrease. The Ethereum-based Pepe (PEPE) was the only top-cap memecoin to show gains, rising by 1.7%.

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In addition to price drops, the open interest (OI) in memecoins also saw a decline. For instance, Pnut (PNUT) led the retreat with a 30% drop in OI, followed by DOGE, which saw a 20% decrease in OI to $3.1 billion. Memecoin OI fell overall, indicating bearish sentiment as traders closed leveraged positions in anticipation of further price drops.

The broader crypto market experienced a massive drawdown, with over $1.7 billion in liquidations in just 24 hours. Memecoin positions saw significant liquidations, with DOGE longs contributing over $72.6 million to the total liquidations. Similarly, SHIB, PEPE, and WIF saw substantial long liquidations as well, with PEPE liquidations reaching $7.9 million and WIF at $3.6 million.

Biggest Liquidation Event Since 2021

This event marks the largest liquidation event since 2021, resembling the start of the 2022 bear market. A similar event occurred earlier in December when a flash crash wiped out over $816 million in long positions, including memecoin losses.

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