The crypto market started the week turbulently, marked by substantial declines across major tokens and escalating liquidations.
XRP, Dogecoin (DOGE), and Shiba Inu (SHIB) saw steep losses amid the heightened bearish sentiment and volatility. According to CoinGlass data, long positions bore the brunt of liquidations, totaling $1.57 billion in a 24-hour period and reaching $1.70 billion overall. Additionally, data show that 567,357 traders were liquidated during the same timeframe.
XRP Records Heavy Losses
XRP was among the assets that recorded the most significant today. Its value plummeted, dropping 11.3% to an intraday low of $2.06. The token saw a significant 122.97% surge in trading volume, reaching $32.18 billion, but open interest decreased by 21.78%, falling to $3.03 billion. The liquidations data further highlighted bearish pressure, with long positions seeing substantial losses.
Over 24 hours, XRP liquidations totaled $72.85 million, with $56.82 million attributed to longs. Notably, 12-hour liquidations amounted to $58.85 million, dominated by long liquidations of $48.76 million. In the past four hours, liquidations reached $9.04 million, with longs accounting for $6.99 million.
Dogecoin and Shiba Inu Join in The Red
Meme tokens Dogecoin and Shiba Inu also experienced sharp losses. Dogecoin’s price fell by 8.7%, while SHIB dropped by 14.4%. Dogecoin’s trading volume surged 108.08% to $21.77 billion, while open interest declined 24.51% to $3.21 billion. Further, long positions dominated liquidations, accounting for $90.15 million out of $100.55 million in 24 hours.
Similarly, Shiba Inu saw a trading volume increase of 132.80% to $925.70 million, but open interest fell sharply by 38.89% to $105.93 million. In the past 24 hours, SHIB’s long liquidations amounted to $12.29 million, indicating sustained bearish momentum.
Liquidations in Derivatives Exchanges
Crypto derivatives exchanges recorded substantial activity, with Binance leading in 24-hour liquidations at $734.98 million. The exchange reported the highest trading volume of $186.71 billion and $34.08 billion in open interest.
OKX followed with $446.48 million in liquidations and $76.98 billion in trading volume. Bybit ranked third, recording $377.58 million in liquidations and $79.72 billion in trading activity, alongside the second-highest open interest at $25.03 billion.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
