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In brief Fartcoin plunged 28% from its weekly high, liquidating $51M in 24 hours.
The meme coin’s crash came after it surged 45% in two days to its peak Wednesday.
Hyperliquid recorded $84M in liquidations, topping centralized exchanges Binance and Bybit.
While Bitcoin hovers above $71,000, attempting to find a stable foothold, a subset of altcoins has tanked sharply, with Fartcoin leading the drop.
The meme coin is down 28% from its Thursday morning peak to around $0.178, according to CoinGecko data. A closer look at the week’s price action shows that Fartcoin surged from $0.166 on Tuesday to $0.247 yesterday, securing a 48% gain in under two days.
That sudden spike in buying pressure was followed by a V-reversal, liquidating $48 million in long positions and $3.7 million in shorts in the past 24 hours, according to CoinGlass. The liquidation event was the highest the meme coin witnessed since November 2025, underscoring the volatility. The 24-hour rolling window shows liquidation numbers hit $51 million, ranking third behind Bitcoin and Ethereum.
Enjin Coin experienced similar price action.
It rose abruptly from $0.020 on Wednesday to $0.0383, clocking an 86% gain. As a result, $3.8 million worth of positions were wiped out over 48 hours—the largest liquidation for the token since April 2025.
Most of these liquidations occurred on decentralized exchange Hyperliquid, which recorded $85 million in 24-hour liquidations, surpassing centralized exchanges like Binance, Bybit, and Gate.
“The recent intense volatility in altcoins is essentially the result of a combination of declining macro risk appetite and tightening on-chain liquidity,” Tim Sun, senior researcher at HashKey Group, told Decrypt.
Sun also noted that altcoins typically have shallow market depth and high concentration of holdings. During periods of liquidity contraction, market makers and short-term speculative capital are more inclined to profit by pumping prices and then distributing, which reinforces the pattern of sharp rises and falls.
Algorand, Bittensor, and World Liberty Financial, which were up big last week, are down between 5% and 9% over the past 24 hours, reflecting a narrative-driven capital rotation.
Looking ahead
All eyes are now on Bitcoin, which could make or break the current outlook.
The ceasefire between the U.S. and Iran remains fragile, with experts noting a lack of clarity on the Lebanon front as a contributing factor.
In a TruthSocial post Wednesday, U.S. President Donald Trump stated that, “All US ships, aircraft, and military personnel and anything else that is appropriate and necessary for the lethal prosecution and destruction of Iran, will remain in place in, and around, Iran, until such time as the real agreement is reached and fully complied with.”
“If for any reason it is not, which is highly unlikely, then the ‘Shootin’ Starts,’ bigger, and better, and stronger than anyone has ever seen before,” he added.
The breakdown has shifted sentiment on prediction market Myriad, owned by Decrypt’s parent company Dastan. Users now see a 66% chance that crude oil’s next move will be a pump to $120—down from 89% on Tuesday, when the ceasefire was announced.
Despite the uncertainty, Bitcoin has managed to hold above $70,000. It is trading around $71,100, down 0.5% over the past 24 hours according to CoinGecko data.