The crypto market has been incredibly active in recent days, with whales accumulating massive holdings of Dogecoin (#DOGE ), a wave of liquidations of major cryptocurrencies, and surging trading volumes. Today, we'll review these key developments and examine the likely near-term trends for major cryptocurrencies. 📈#加密市场回调
Liquidation wave sweeps the market
Among major cryptocurrencies, ETH, BTC, XRP, and DOGE have recently experienced significant pullbacks, resulting in alarming liquidation figures. Over $1 billion in leveraged long positions have evaporated in the past 24 hours, with Ethereum traders suffering the most, with liquidations totaling $348.9 million. Bitcoin followed closely behind with $177.1 million in liquidations. Solana, XRP, and DOGE saw liquidations total $64.2 million, $58.8 million, and $35.8 million, respectively.
Why such a massive liquidation? The main reason? Stronger-than-expected latest US PPI (Producer Price Index) data heightened market concerns about persistent inflation and delayed expectations of a Federal Reserve rate cut. As a result, long traders were forced to close their positions as prices retreated from recent highs, triggering a chain reaction of selling.
At the exchange level, Bybit saw the highest concentration of liquidations, reaching $421.9 million, over 92% of which stemmed from overleveraged long positions. Binance saw $249.9 million in liquidations, while OKX saw $125.1 million. The largest single liquidation was a $6.25 million ETH-USDT perpetual contract, demonstrating the extreme volatility of the market.
From this perspective, Dogecoin’s short-term pullback can also be understood as part of the overall market storm, and whales increasing their holdings at this time just happened to catch the relatively low level.
Dogecoin whales are accumulating their holdings 🐾
On-chain data indicates that Dogecoin whales have been active recently, adding a net 2 billion DOGE (approximately $448 million) to their holdings over the past week. Supply distribution data from Santiment indicates that these whales hold between 100 million and 1 billion DOGE, representing deep pockets. This suggests that the network's most influential investors are preparing for the next potential rally.
Analyst Ali Martinez noted on X (formerly Twitter) that in addition to increasing holdings, whales have also seen a significant increase in trading activity. The "Whale Transaction Count" metric shows a significant increase in large transfers (over $1 million) over the past few weeks, indicating active market manipulation by large funds.
However, the price hasn't immediately responded to these entry signals in the short term. Recently, DOGE experienced an 8% correction, dropping to $0.23. This volatility reminds us that even whales entering the market can't immediately halt the selling pressure driven by short-term market sentiment.
Pepe's trading volume has soared, and a new round of growth may be coming 🐸
Unlike mainstream cryptocurrencies experiencing pullbacks, some meme coins are quietly gaining momentum. For example, Pepe (PEPE) has seen its trading volume surge to over 1 billion over the past few days, reaching $1.4 billion at yesterday's close, representing 28% of its circulating market capitalization.
Although PEPE is still down about 1.95% over the past 30 days, the activity in the spot market shows that buying pressure is accumulating and the market may be experiencing an "accumulation phase."
As an ERC-20 token, Pepe has also benefited from Ethereum's positive performance. As ETH's price approaches $5,000, Pepe's trading volume has increased, signaling a strong short-term upward price movement. Technical indicators show that PEPE has rebounded from key support levels, with a solid daily trendline support, the Relative Strength Index (RSI) breaking above its midline, and trading volume exceeding its 14-day average.
Analysts predict that if the $0.00001500 resistance level turns into support, Pepe's short-term target could reach a gain of approximately 194%. While the market remains volatile, the trend suggests that the meme coin could be poised for a new surge.
Comprehensive observation: market rhythm and short-term strategy
In summary, the cryptocurrency market has recently shown three obvious trends:
Whale holdings drive underlying bullish sentiment: DOGE whales’ continuous holdings show that big funds are optimistic about the long-term prospects, but short-term prices may still be suppressed by market sentiment.
The liquidation wave exacerbates short-term volatility: the highly leveraged positions of mainstream currencies have been wiped out, and we still need to be vigilant against the impact of market sentiment in the short term.
Meme coins are accumulating at low levels, with trading volumes surging: Increased activity in coins like Pepe may lead to a rebound opportunity during the altcoin season.
Overall, this is a typical cycle of "large capital deployment + retail investor volatility + meme coin accumulation." For investors, understanding the market rhythm is more important than blindly chasing ups and downs. 📊
To summarize:
DOGE: Whales enter the market, but short-term volatility remains high;
ETH/BTC/XRP: Liquidation pressure remains, bulls need to be cautious;
Pepe: Trading volume is active, bullish signals are obvious, and there may be an outbreak in the short term.
The cryptocurrency world is never short of stories or opportunities. Observing on-chain data, trading volume, and liquidation status is key to understanding the market's pulse. As long as you understand the rhythm and seize the right entry point, you can find opportunities even in the storm. 💡
Conclusion
The market fluctuates, but every fluctuation presents an opportunity. Whether it's whales increasing their holdings of DOGE or actively trading Pepe, grasping information and trends is the key to investors' steady progress in the market. Are you ready for the next wave?
Many people understand the trend, but not many people follow the right rhythm.
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