Bitcoin, Ethereum Liquidations Surge as Solana, XRP and Dogecoin Plummet

It’s a blood red Monday across the crypto markets.

Broadly, the crypto market has fallen more than 6% over the last day, with some leading coins like Solana, XRP, and Dogecoin showing much larger losses during the same span.

Bitcoin’s dip is relatively modest compared to the rest of the market, with the leading asset down over 2% at of this writing to a current price of $93,417. It nearly touched $93,000 on its way down, but has rebounded slightly.

Ethereum, meanwhile, has suffered a deeper loss with a nearly 8% drop on the day, down to $2,584 as of this writing. The second-largest crypto coin by market cap has seen a volatile few days since over $1.4 billion worth of ETH and related tokens were swiped from crypto exchange Bybit last Friday.

Amid Monday’s damage, crypto liquidations have surged to $686 million over the last 24 hours, per data from CoinGlass, with Ethereum and Bitcoin leading the charge at about $147 million and $143 million, respectively. The vast majority of the liquidations are for long positions.

Solana remains the biggest loser in the top 10 coins, with its decline deepening since earlier Monday. It’s down 12% over the last day and 19% on the week to a current price below $147. It fell below the $145 mark on Monday afternoon—the lowest price recorded since mid-October.

The Solana ecosystem has been in disarray in recent weeks due to declining demand for meme coins, fueled in part by controversy over Libra—a coin promoted by Argentine President Javier Milei. Traders reported lost over $250 million betting on the coin, per data from Nansen, while Milei is facing fraud charges from the opposition party in Argentina.

Other top coins are faring almost as badly as Solana, with Dogecoin (DOGE) down more than 11% at $0.213, XRP falling nearly 9% to $2.35, and Cardano down almost 8% at a current price of $0.70.

President Donald Trump’s Solana meme coin, TRUMP, fell as low as $13.70—the lowest price recorded since just hours after the coin debuted in January. It’s now down more than 81% from its peak price above $73.

The latest markets dip came soon after crypto exchange OKX announced that it pleaded guilty to charges from the Department of Justice for illegally serving U.S. customers, and will pay over $500 million worth of penalties and forfeiture.