Crypto Markets Reel from $972M Liquidation Bloodbath

Hold onto your hats, crypto fans! In a wild 24 hours, a staggering $972.22 million in liquidations rocked the market, leaving Ethereum, XRP, Dogecoin, and Solana traders feeling the burn.

Long traders were blindsided in the biggest liquidation event since February, all thanks to a fiery public feud between U.S. President Donald Trump and his former buddy Elon Musk. On June 6, a tsunami of liquidations totaling $972.22 million crashed through the market, according to CoinGlass data. Brace yourselves - nearly $3 billion in long and short positions got wiped out in just 48 hours!

Bitcoin and Ethereum took the biggest hits, making up a whopping 64% of the total liquidation volume in the last 24 hours. But hold up, Solana and Dogecoin felt the pain even more relative to their market caps, showing just how much leverage was cranked up on these assets.

Trump-Musk Spat Leaves Long Doge and Solana Traders in the Dust

Get this - 89% of the liquidations, a jaw-dropping $875 million, came from long positions getting absolutely crushed. These high-flying leveraged bets couldn't handle the volatility explosion sparked by the political drama in the U.S.

The trigger? A nosedive in crypto prices following the epic fallout between Trump and Musk. In the last 24 hours, Bitcoin hit a low of $100,437, Ethereum tanked 7% to $2,387, and Solana crashed to $142. But Dogecoin, Musk's beloved meme coin, took the hardest hit, plummeting over 20% to a daily low of $0.1692.

So what caused this liquidation madness? Turns out, it was a perfect storm of over-the-top long positioning in a market that was already on edge. Aggressive leveraged bets on Solana and Dogecoin, combined with stop-loss triggers during the slump, were enough to set off a chain reaction of liquidations.

Despite the brutal liquidations, Solana's showing some serious grit, even outshining Ethereum in some areas. But Dogecoin? It's still riding the Musk rollercoaster. With Musk losing political clout, DOGE is in for a wild ride in the near future.