WIF, PEPE and CATI Liquidation Hints Epic Reset

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As an analyst with over a decade of experience in the volatile and unpredictable world of cryptocurrencies, I find myself constantly on the edge of my seat, following the latest trends and movements. The recent consolidation in the broader crypto market has been particularly intense, with high-performing meme coins like dogwifhat (WIF), PEPE, and Catizen (CATI) taking center stage.

The overall cryptocurrency market is experiencing significant consolidation, as investment interest shifts towards meme coins like Dogewhats (WIF), PEPE, and Catizen (CATI) that have shown strong performance. According to CoinGlass data, this consolidation has resulted in a total liquidation of approximately $98 million across the industry.

WIF, PEPE and CATI on front line

According to CoinGlass statistics, these tokens have excelled compared to many other altcoins in terms of 24-hour liquidation amounts. The Solana-based WIF token has seen a total of $1.39 million worth of liquidations. Long traders experienced the brunt of this, with approximately $1.2 million being liquidated, while short traders suffered losses amounting to around $192,820.

PEPE experienced significant liquidations totaling approximately $1.27 million, with long traders suffering a collective loss of about $1.03 million. Short trading for PEPE resulted in a loss of around $242,960, reflecting the 1.86% drop in its price over a 24-hour period, down to $0.000008411.

There was overwhelming enthusiasm for Catizen, as the total liquidated funds reached an impressive $5.88 million. The setbacks faced by short sellers were particularly substantial, amounting to approximately $3.16 million, while short trading experienced a collective loss of around $2.72 million.

The rapid liquidation of Catizen tokens isn’t surprising given that they were released following a large amount of initial hype on September 20th. This initial excitement is quickly dissipating, with the token’s price increasing by only 1.02% in the last 24 hours to reach $0.9294. As the current trending token, its trading volume has seen a massive surge of over 4,200%, reaching approximately $1.13 billion.

Catizen exchange boost

In recent times, Catizen has maintained its leading position due to being a novel category of high-performing digital assets that are well-received within the gaming-focused financial ecosystem (GameFi).

Earlier reports confirmed that Catizen secured a listing on Bybit, ensuring further listings and causing a surge of activity in selling off positions (liquidations).

Regarding the three highlighted tokens, it’s unclear what the future trend will be. Yet, PEPE has shown up frequently in prominent and successful performance indicators, according to U.Today. Moreover, WIF continues to stand among the most thriving meme coins on the Solana network.

This temporary increase in liquidations could be a warning sign for investors, hinting at the overall market’s uncertain direction.

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2024-09-21 16:07