The Big Flush
The meme coin trenches just got hosed. In the last 24 hours, more than $100 million in crypto longs were liquidated across the market—$48M of that from Binance alone. Memecoin traders on Solana felt the brunt of it, as heavy price drops swept through trending tokens, catching leverage addicts off guard.
Solana Tokens Get Slapped
Standouts from this memedown include several top tokens on Solana that were flying high just days ago. POPCAT, which had recently seen a strong 7-day recovery, bled nearly 20% overnight. MEW, BONK, and MANEKI also posted sharp double-digit losses. With volatility spiking and support levels breaking, most charts now resemble ski slopes.
Liquidation Triggers Everywhere
The cascade effect was brutal. As soon as BTC dropped below $70K, liquidation engines kicked into gear across CEXes. Solana dipped below $150, which triggered a flood of liquidations for SOL-backed leverage plays and meme tokens paired against it. The liquidations weren’t just isolated to majors—small-cap meme coins on Pump.fun also saw massive outflows, failed breakouts, and rug-style dumps.
Traders Cry, DEXs Win
While wallets got torched, DEXs raked in fees. Platforms like Jupiter and Raydium saw a surge in volume as panicked traders tried to cut losses or ape into “discount” plays mid-dump. The pain was real, but so was the action.
Final Take
This was a classic lesson in overexposure during an overheated run. Memecoins had been printing gains all week, but momentum shifted hard. As always, degens flew too close to the Solana sun—and got burned. The trenches are quieter today, but don’t expect them to stay that way for long. The next mania is always one low-cap coin away.
