"Fulamak is not ordinary, whoever is 'all in' in this memecoin must have made a lot of profit, right?"
Investors must have been surprised to see many memecoins climbing high when bets against Dogecoin (DOGE), Shiba Inu (SHIB), Pepe Coin (PEPE), Floki Inu (FLOKI) and BONK whose liquidations were over $50 million triggered the price hike.
Liquidation refers to a crypto exchange forcibly closing a trader's leveraged position due to the loss of part or all of the initial margin, where it occurs when the trader cannot meet the margin requirements for the leveraged position.
Coming back to memecoin's surprising performance, PEPE rose 370.71% to set a record high and it should be noted that dogwifhat (WIF) which gained 333.49% over the last week managed to become one of the first memecoins to cross the $1 price.
Memecoin became the focus last week when the excitement about blockchain increased and this caused DOGE, SHIB, PEPE and FLOKI based on Ethereum (ETH) to grab the majority of meme trading volume while BONK and WIF acted as Solana (SOL) proxies.
While bullish bets on DOGE were sparked when $1 billion in positions were opened while 70% of the bets were long and open interest in PEPE, SHIB, BONK and FLOKI also increased manifold to a cumulative $1.5 billion in the past few days.
As of this writing, DOGE price jumped 9.58% at $0.15 in the last 24 hours then 79.52% over the last week including SHIB which gained 130.06% at $0.000022 and PEPE went up 54.81% in the last 24 hours at $0.0000065.
While FLOKI and BONK which are currently trading at the level of $0.00014 and $0.000030 respectively have increased by 303.21% and 150.02% in the last seven days and then WIF drove up 7.29% at $1.64 in the last 24 hours.
