Crypto Majors Slide Further; SOL, DOGE Among Worst Affected

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Cryptocurrency majors lost further throughout the European morning, with some dominant altcoins and memecoins leading the decline. SOL and DOGE were among the worst affected and are currently trading down 4.5% and 10% in the last 24 hours. Bitcoin fell below $66,000 to $65,300, a decline of 0.9%, while Ethereum traded at $3,400, down over 3.25%. The CoinDesk 20 Index (CD20), which measures the broader digital asset market, is down just over 3% in the last 24 hours. Bitcoin ETFs also continued their dismal run, experiencing a $145 million outflow on Monday.

DOGE bulls liquidated $60 million in long trades on Monday; This was a worse situation than its BTC counterparts, which is unusual in the crypto futures market. The numbers are the biggest hit to DOGE since May 2021. BTC long bets lost $47 million and ETH lost worse than both at $76 million. Traders said overall crypto long positions lost over $440 million due to profit taking and the pressure the dollar’s strength put on the market. The number of open interest or unsettled futures bets fell 16% to $600 million. Meanwhile, the long-short ratio tracking DOGE futures suggests investors are positioning for further declines; The ratio is at 0.94, indicating a downward trend.

Layer 2 blockchain ZKsync launched its airdrop on Monday, with 45% of tokens claimed in less than two hours. According to CoinGecko data, the ZK token opened at $0.31 and has fallen approximately 32% since then. The market cap stands at around $800 million based on circulating supply, and there are approximately 3.7 billion tokens available for distribution. On a fully diluted basis, its market capitalization would be $4.5 billion. Cryptocurrency exchanges Binance, Bybit, and KuCoin have currently listed the ZK token, but Binance said it would postpone the listing after experiencing technical issues with its node.

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Since December, the total value locked on the TON blockchain has increased from $11 million to $603 million.

The 54-fold increase in six months comes as the TON-centric economy takes root on Telegram.

Source: DefiLlama

-Omkar Godbole

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