Meme-Coin, AI Tokens Lead Gains After Bitcoin Drop Causes $2B in Weekend Liquidations
Meme coins and AI-linked tokens surged in the past 24 hours, with Bitcoin rising 3.3% to around $66,600 due to reports of potential ETF approval in Hong Kong. Solana meme coins, dog-themed meme coins, and Base network meme coins jumped over 15%, while AI tokens rose over 17%. On the other hand, layer-1 blockchain tokens like ETH, SOL, and AVAX saw a 5.5% increase. Whales bought millions of dollars worth of meme tokens MEW and SLERF, causing an 80% price surge. The market experienced a decline due to profit-taking ahead of the halving event and macroeconomic tremors, resulting in $2 billion in futures positions being liquidated over the weekend. This led to a drop of $13 billion in open interest since Friday. Traders anticipate a short-term bearish sentiment before and after the halving event on April 20.
