Meme Coin Surge Continues as $1.23B in Shorts are Liquidated
A massive $1.23 billion in short positions was liquidated in just 60 minutes, marking one of the harshest hits for crypto bears this year. Bitcoin gained 2.5% to reach $68,424, while Ethereum accounted for another $430 million of the total liquidation figure.
As traders reassess their strategies, attention has turned to meme coins, including Dogecoin and Pudgy Penguins, which are showing signs of renewed buying pressure. The move towards higher-risk assets may signal a shift in capital and attention towards newer corners of the crypto market.
Apeing, a new meme coin project, is gaining traction with its community-driven identity and utility plans. The whitelist for Apeing's upcoming presale is currently open, with early-stage investors invited to join before the project launches.