The cryptocurrency market suffered a major blow on Friday when the U.S. stock market dipped with liquidations worth millions. The whole market saw red candles, with altcoins declining by double figures. The substantial price declines prompted investors to divest, leading to a sharp market downturn.
Notably, Avalanche (AVAX) and Pepe (PEPE) experienced significant price fluctuations, dropping to critical support levels. The rapid price decline pushed investors to dump their investments as they sought alternative promising avenues to balance the loss ratio they faced in the crypto crash with further growth potential.
PEPE faces $9 million liquidation in days – Price Drops by 29%
Pepe (PEPE) price has experienced a significant devaluation amid the crypto market crash. After retracing to $0.00000517 on April 15, the meme coin is under speculations for a further price drop. This recent drop suggests a bearish outlook for the meme coin in a shorter-term trend before anticipated recovery.
Despite the initial hype of the launch of PEPE’s perpetual futures on Coinbase International and Coinbase Advanced on April 18th, the meme coin has undergone massive liquidations of $9 million, primarily from long positions worth $7.5 million and short positions worth $1.51 million. Investors are dumping their tokens to mitigate major losses, as evidenced by the 34% drop in trading volume.
The meme coin has faced significant criticism after it failed to meet investor expectations, resulting in a 29.3% decline on a weekly chart. Analysts believe that if the bearish trend persists and selling pressure continues, the meme coin’s price could fall below the $0.00000292 level, which could cause losses worth billions.
Investors offload AVAX tokens as the price dropped by 23%
Despite recent developments and strategic collaborations, Avalanche (AVAX) has witnessed a significant price collapse amidst the market downturn. The token could not sustain the market turbulence and remains sluggish, unlike much of the altcoins recovering swiftly. Investors no longer look at AVAX for potential gains and continue to shift to other investment avenues.
Trading at $38.1, the AVAX price has plunged by 23% pushing investors to sell their tokens to mitigate potential losses. The trading volume has dropped by 40%. Although there are signs of recovery, with a 4% increase on the intraday chart, analysts are hesitant to call for a positive momentum, suggesting a possible further drop in price, potentially reaching $27.5.
Amidst these speculations, investors are shifting their focus towards DTX Exchange (DTX), an emerging deFi project, currently in stage 1 of presale. The project has gained significant attention as a promising investment avenue, offering 25x returns to investors.
DTX Exchange (DTX) is emerging as a hybrid exchange that empowers traders with unique trading strategies and profit capitalization through its 1000x leverage features. The platform has been gaining high community traction around the globe due to its scalable infrastructure and massive growth potential in diverse markets, including forex, cryptos, equities, and CFDs.
The platform has recently created a buzz with its mind-blowing $2 million private seed round. It is exhibiting remarkable performance, raising $220k within a few days of entering stage 1 of the public presale. The platform boasts a robust and accessible trading environment, potentially displacing legacy exchanges in the DeFi space.
Traders can bid on higher positions using the DTX trading platform to capitalize on their investments, along with DTX wallets and multi-tier accounts offering secure holding of digital assets. At the presale price of $0.02, investors rush to be a part of this secure, no-KYC project, which is set to moonshot to $2 once it goes live in the broader market.
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