If you've been scrolling through X (formerly Twitter) lately, you might have stumbled upon a tweet that's got the crypto community buzzing. Posted by @DegenerateNews, it highlights a staggering event: over $7 billion in crypto liquidations within the past 24 hours. For those new to the term, liquidations happen when leveraged positions get forcefully closed due to market movements, often leading to big losses for traders betting on price directions.

This isn't just any dip; it's a full-on market shakeout. The chart in the tweet breaks it down by time frames—1 hour, 4 hours, 12 hours, and 24 hours—showing longs (bets on prices going up) getting hit hardest, with shorts (downward bets) also taking a beating but to a lesser extent. In the last day alone, longs lost about $6.49 billion, pushing the total rekt (crypto slang for wrecked portfolios) to $7.06 billion.

Why This Matters for Meme Tokens

Meme tokens, those fun yet wildly volatile coins inspired by internet culture, are often the first to feel the pain in events like this. Think about it: projects like Dogecoin or newer ones built on hype rather than fundamentals rely heavily on momentum and community sentiment. When the broader market tanks—driven by Bitcoin's dominance creeping up, as noted in one of the replies—altcoins and memes get liquidated en masse. Traders who went long on these, expecting a bull run continuation, are now nursing heavy losses.

One reply from @Mrbullemmy captures the sentiment perfectly: "This is one of the worst days in the history of crypto. Everything went down hard... But stay patient fam, don't give up. This bull run is not over in my opinion. It's literally the shake out before the break out!" It's a reminder that in the degen world, shakeouts like this can weed out weak hands, potentially setting the stage for a rebound.

Breaking Down the Numbers

Let's unpack the data from the tweet:

• 1H Rekt: $5.71B total, with $5.34B from longs and $376.6M from shorts.
• 4H Rekt: $6.24B total, longs at $5.81B, shorts at $427.7M.
• 12H Rekt: $6.94B total, longs $6.43B, shorts $515.1M.
• 24H Rekt: $7.06B total, longs $6.49B, shorts $576.9M.

These figures, likely pulled from platforms like Coinglass or similar trackers, show a clear trend: the market's been dumping, and leveraged positions are getting wiped out. For meme token enthusiasts, this could mean opportunities to buy the dip on favorites like PEPE or SHIB, but only if you're prepared for more turbulence.

Community Reactions and What’s Next

The replies paint a picture of shock and resilience. From "gg it’s over chat" by @zaitradesX to calls for "send them higher" from @SnsconnectSol, the community is processing the pain with a mix of humor and optimism. Even a nod to PTSD from multiple users underscores how brutal these swings can be.

As we at Meme Insider see it, events like this are par for the course in blockchain's wild ride. They highlight the risks of leverage in degen trading but also the potential for quick recoveries. If you're diving into meme tokens, remember to do your research, manage risk, and perhaps follow accounts like DegenerateNews for real-time updates.

Stay tuned for more insights on how this liquidation wave affects specific meme projects. In the meantime, what's your take—shakeout or the end of the bull? Drop your thoughts in the comments below.