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POPCAT, IOTA And WIF Suffer Most As Crypto Liquidations Spike In Cryptocurrency Market Carnage<\/span><\/h2>\nSolana <\/span>meme coins<\/span><\/a> were among the biggest losers in the last 24 hours. Feline-themed token Popcat (POPCAT) suffered the biggest loss after its price plunged over 21%. <\/span><\/p>\nDogwifhat (WIF) also made the top 3 losers list following a 17% drop in value. Meanwhile, Internet of Things project IOTA posted the second biggest loss of more than 18%.<\/span><\/p>\nThe recent drop in crypto prices<\/a> also led to over $1.5 billion in longs being liquidated, which is the highest liquidation of bullish trades since 2021. CoinGlass data shows that altcoin futures led the market losses at $560 million, while futures for leading meme coin Dogecoin (DOGE) and Ripple (XRP) both led to total losses exceeding $70 million.<\/span><\/p>\nOpportunities To Buy The Dip Might Last Longer This Cycle<\/span><\/h2>\nStill, the steep drop in crypto prices over the last 24 hours opens an opportunity to buy the dip by opportunistic investors and traders with strong appetites for risk.<\/span><\/p>\nSteep drops are often followed by strong rebounds and a crypto fund manager has predicted that investors will this time around have more time to capitalize on these opportunities to buy crypto at lower prices.<\/span><\/p>\n“There will be intra-month volatility, but the pullbacks likely will be a “buy the dip” scenario for much longer than everyone expects,” said Syncracy Capital co-founder Daniel Cheung in a Dec. 9 post on X.<\/span><\/p>\n\nMarket participant psychology has drastically shifted in crypto this cycle.<\/p>\n
In prior cycles, participants largely engaged in a HODL and buy the dip mentality.<\/p>\n
This cycle, participants are mostly in a short term \/ trading mentality and constantly looking to take profits, despite…<\/p>\n
— Daniel Cheung (@HighCoinviction) December 9, 2024<\/a><\/p><\/blockquote>\n
Dogwifhat (WIF) also made the top 3 losers list following a 17% drop in value. Meanwhile, Internet of Things project IOTA posted the second biggest loss of more than 18%.<\/span><\/p>\n The recent drop in crypto prices<\/a> also led to over $1.5 billion in longs being liquidated, which is the highest liquidation of bullish trades since 2021. CoinGlass data shows that altcoin futures led the market losses at $560 million, while futures for leading meme coin Dogecoin (DOGE) and Ripple (XRP) both led to total losses exceeding $70 million.<\/span><\/p>\n Still, the steep drop in crypto prices over the last 24 hours opens an opportunity to buy the dip by opportunistic investors and traders with strong appetites for risk.<\/span><\/p>\n Steep drops are often followed by strong rebounds and a crypto fund manager has predicted that investors will this time around have more time to capitalize on these opportunities to buy crypto at lower prices.<\/span><\/p>\n “There will be intra-month volatility, but the pullbacks likely will be a “buy the dip” scenario for much longer than everyone expects,” said Syncracy Capital co-founder Daniel Cheung in a Dec. 9 post on X.<\/span><\/p>\n Market participant psychology has drastically shifted in crypto this cycle.<\/p>\n In prior cycles, participants largely engaged in a HODL and buy the dip mentality.<\/p>\n This cycle, participants are mostly in a short term \/ trading mentality and constantly looking to take profits, despite…<\/p>\n — Daniel Cheung (@HighCoinviction) December 9, 2024<\/a><\/p><\/blockquote>\nOpportunities To Buy The Dip Might Last Longer This Cycle<\/span><\/h2>\n
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