First Mover Americas: Crypto Majors Slide Further; SOL, DOGE Among Worst Affected

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Crypto majors slid further during the European morning with some of the predominant altcoins and meme coins leading the plunge. SOL and DOGE were among the worst affected, currently trading 4.5% and 10% lower in the last 24 hours. Bitcoin fell below $66,000 to around $65,300, a dip of 0.9%, while ether is over 3.25% lower at $3,400. 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 $145 million worth of outflows on Monday.

DOGE bulls liquidated $60 million in long trades on Monday, faring worse than BTC counterparts, an unusual occurrence in the crypto futures market. The figures are the biggest hit DOGE has taken since May 2021. BTC long bets lost $47 million and ETH suffered worse than either of them at $76 million. Overall, crypto longs lost over $440 million as profit-taking and dollar strength weighed on the market, traders said. Open interest, or the number of unsettled futures bets, has dropped 16% to $600 million. Meanwhile, a long-short ratio tracking DOGE futures shows traders are positioning for further declines, with the ratio at 0.94 – indicating a bearish bias.

Layer-2 blockchain ZKsync kicked off its airdrop on Monday, with 45% of the tokens claimed in under two hours. The ZK token opened at $0.31 and is down about 32% since then, according to CoinGecko data. The market capitalization stands at about $800 million, based on the circulating supply, with about 3.7 billion tokens eligible to be distributed. On a fully diluted basis, the market cap would be $4.5 billion. Cryptocurrency exchanges Binance, Bybit and KuCoin have currently listed the ZK token, even though Binance had said it would postpone the listing after experiencing tech issues with its node.

Chart of the Day

• Since December, the total value locked in the TON blockchain has increased from $11 million to $603 million.
• The 54x surge in six months comes as the TON-based economy takes root in Telegram.
• Source: DefiLlama

- Omkar Godbole

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