Hey folks, if you've been following the wild ride in the crypto markets lately, you probably heard about that massive crash that wiped out billions in positions. A key post from @mlmabc on X (formerly Twitter) is shedding light on the real scale of the damage, debunking some of the numbers floating around. Let's break it down step by step, keeping things straightforward—especially if you're new to terms like "liquidations."

For context, liquidations happen in leveraged trading when a position loses too much value and gets automatically closed to prevent further losses (or to protect the platform). This often cascades during big price drops, as we saw recently. The post highlights data from Hyperliquid, a decentralized perpetuals exchange that's been gaining traction for its on-chain transparency.

According to @mlmabc's tweet, the widely circulated $10B liquidation figure is way off—it's likely closer to $30B–$40B or more across the board. Just on Hyperliquid, nearly $7B got liquidated starting from around 20:45 UTC. That's a staggering amount, and it's backed by detailed breakdowns.

Here's the full scoop from the data shared:

• Total Liquidations Value: $6,702,223,168.08
• Total Backstop: $4,352,720,741.58 (this refers to the funds used to cover losses in the system)
• Total Market: $2,349,502,426.49

And breaking it down by the top 10 assets affected (by market value):

Asset	Liquidation Amount
BTC	$781,848,860.51
ETH	$539,690,395.94
SOL	$246,037,906.19
HYPE	$116,710,437.27
DOGE	$76,753,273.71
ASTER	$76,606,241.66
XRP	$73,144,750.79
XPL	$43,076,401.99
ENA	$32,104,013.63
PUMP	$30,501,142.72

You can see heavy hitters like Bitcoin (BTC) and Ethereum (ETH) took the biggest blows, but meme tokens aren't far behind. DOGE, the original meme coin inspired by the Shiba Inu dog, saw over $76M wiped out. Then there's PUMP, likely tied to platforms like pump.fun where meme tokens launch rapidly, and others like ASTER and ENA, which have meme-like volatility and community-driven hype.

The data comes from a Liquidations Telegram channel that got temporarily deleted during the chaos for spamming, but luckily, they log everything in a separate database. This kind of transparency is what makes on-chain platforms like Hyperliquid stand out—anyone can verify the numbers via explorers like Hypurrscan.

This event ties into broader market moves. Earlier posts from the same account mentioned a massive BTC whale who shorted huge positions right before the drop, pocketing $190M–$200M in profits on Hyperliquid alone. Shorts are bets that prices will fall, and this trader nailed it, closing most of their positions at the perfect time. Imagine the impact on meme tokens, which often amplify market swings due to their speculative nature.

For meme token enthusiasts and blockchain practitioners, this is a stark reminder: leverage can amplify gains but also losses. If you're trading DOGE, SOL (which has a strong meme ecosystem), or newer ones like PUMP, always manage risk—use stop-losses, avoid over-leveraging, and stay informed via reliable sources.

As we build out the knowledge base here at Meme Insider, events like this highlight why understanding liquidation mechanics and market dynamics is crucial. Keep an eye on Hyperliquid and similar platforms; they're reshaping how we trade memes and more. What are your thoughts on this crash? Drop a comment or check out our other articles for deeper dives into meme token strategies.