Bitcoin’s Flash Crash Shakes the Crypto Market
In a surprising turn of events, Bitcoin’s price dropped dramatically from $106,000 to $100,000 within minutes earlier today. This sudden flash crash sent ripples through the cryptocurrency market, wiping out billions in market capitalization.
Volume Surge Indicates Liquidation Event
The crash was accompanied by an unprecedented spike in trading volume, suggesting a massive liquidation event. Traders are now racing to understand the underlying causes, with theories ranging from large sell-offs by major investors to potential technical glitches on prominent exchanges.
Signs of Recovery
Despite the sharp decline, Bitcoin has shown resilience, stabilizing around $101,500 at the time of this report. The market remains on edge, however, as participants monitor the situation closely.
Drama Surrounding Donald Trump’s Meme Coin
Adding to the day’s volatility, Donald Trump’s meme coin, $TRUMP, also experienced a flash crash. Reports indicate that a significant wallet dumped a large quantity of tokens, triggering panic among investors.
Details of the Incident
Notably, the wallet responsible for the sell-off did not acquire these tokens through traditional purchases, raising suspicions of possible insider trading or an exploit. The price of $TRUMP plummeted from $72 to $44, marking a staggering 36% loss and leaving investors anxious about the coin’s future.
Melania Coin’s Launch Sparks Chaos
Meanwhile, Melania Trump has entered the crypto scene with her own meme coin, $MELANIA, which surged past $8 shortly after launching. However, the debut was marred by significant technical issues.
Jupiter Exchange Outages
The decentralized exchange Jupiter, which facilitates trading of Solana tokens including $MELANIA, faced outages due to overwhelming user demand. This surge in interest has resulted in over 22,000 wallets holding $MELANIA tokens, with the coin’s fully diluted market cap exceeding $8 billion.
Overloaded Phantom Wallet
The Phantom Wallet, a popular Solana-based crypto wallet, is struggling to cope with a dramatic increase in activity post-launch. Reports indicate the wallet is managing over 8 million requests per minute, leading to significant delays and failed transactions.
User Frustration
Many users took to social media to express their frustrations with accessing their wallets and completing trades, as the platform’s infrastructure faces unprecedented strain. Phantom has acknowledged the issues and is working diligently to restore normal functionality.
