XRP, DOGE and PEPE Take Special Hit as Liquidation Tops $289 Million
Release: 2024/08/03 21:59 Reading: 312
Cryptocurrency Market Sees High Liquidations
The cryptocurrency market is experiencing a wave of liquidations, affecting several altcoins, including XRP, DOGE, and PEPE.
Liquidation Surge
Data from CoinGlass reveals that 88,388 traders have faced liquidations totaling over $290 million in the past 24 hours. The largest single liquidation originated from the HTX exchange.
Millions of XRP, DOGE, and PEPE Exit Exchanges
During this period, $6.18 million worth of XRP was liquidated. Long positions accounted for $4.94 million, while short positions amounted to $1.24 million. Dogecoin (DOGE) also saw liquidations totaling $3.65 million, with $2.95 million in long positions and $698,480 in short positions.
PEPE witnessed liquidations of $2.85 million, with $1.86 million from longs and $967,980 from shorts. Leading cryptocurrencies Bitcoin and Ethereum faced liquidations of $88.01 million and $80.23 million, respectively.
Binance Dominates Liquidations
A significant portion of the liquidations occurred on Binance, highlighting its dominance in the market.
Ripple Releases 500 Million XRP from Escrow
Amidst the liquidations, Ripple released an additional 500 million XRP from escrow. This follows the earlier release of approximately 1 billion XRP tokens from the same source within 48 hours. The latest withdrawal, valued at $281,693,718, adds to Ripple's escrow holdings.
For the past seven years, Ripple has consistently released XRP from escrow to provide liquidity for the coin. Currently, Ripple holds 4.682 billion XRP in its crypto wallets.
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