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Solana, Dogecoin, XRP Plunge 10% as Bloody Start to Week Sees $770M Long Liquidations

Bullish bets on higher crypto prices lost $770 million in the past 24 hours as bitcoin fell under $100,000, leading to some majors rapidly losing momentum in a bloody start to the week.
Solana’s SOL and dogecoin (DOGE) dropped more than 10% to lead losses among majors, while ether (ETH), BNB Chain’s bnb, xrp (XRP) and Cardano’s ADA fell as much as 9%. Overall market cap fell 8.5% as of Asian afternoon hours Monday.
Tokens outside of the top twenty and across different sectors showed similar woes, with memecoin pepe (PEPE), layer 1 upstart Aptos (APT), Gate.io’s GATE and AI Agent creation platform Virtuals (VIRTUALS) losing as much as 18%.
Jupiter’s JUP was the only token in green with a 3.5% gain over the past 24 hours on the back of a decision to buy back tokens from the open market from the fees generated on its trading platform — which may equate to hundreds of millions in net buying volumes in a year.
Bitcoin slumped under $99,000 early Monday as traders took profits ahead of the first U.S. FOMC meeting this year. It tracked losses in U.S. stock futures, which fell as traders digested information about the cost and capabilities of China-based DeepSeek, threatening an otherwise costly narrative spearheaded by OpenAI.
Futures markets reflected these losses, with traders of BTC-tracked products losing $238 million in the past 24 hours, majorly in early European and Asian afternoon hours. SOL and DOGE bets lost a cumulative $50 million, altcoin-tracked products lost $138 million and ether-tracked futures lost $84 million.
The largest single liquidation order happened on HTX, a tether-margined BTC trade valued at $98.4 million.
Liquidation happens when a trader has insufficient funds to keep a leveraged trade open. The crypto market’s high volatility means liquidations are a common occurrence, although major events such as Monday’s can provide actionable cues for further market sentiment or positioning.
The liquidation can signal an overstretched market, indicating that a price correction has occurred, while price-chart areas with high liquidation volumes can act as support or resistance levels where price might reverse due to the absence of further selling pressure from liquidated positions.
However, if the market continues declining, those with short positions might see this as validation, potentially increasing their bets. Conversely, contrarian traders might view heavy liquidation as a buying opportunity, expecting a price recovery once the sell-off momentum wanes.
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Chart of the Week: Crypto May Now Have Its Own ‘Inverse Cramer’ and Profits Are in the Millions

Meet James Wynn, the pseudonymous trader on Hyperliquid who became famous for his $1 billion bitcoin short bet, could now be gaining a new kind of fame: as crypto’s own “Inverse Cramer.”
For those unfamiliar with the Cramer lore: he’s the high-octane, loud-money mascot of CNBC’s Mad Money, a former hedge fund manager turned stock picker with a hit-or-miss track record that turned into a meme. Many retail traders started doing the exact opposite of his recommendations, and the idea became so famous that an “Inverse Cramer ETF” was launched (it was later shut down, but the meme lives on).
Now, crypto traders might have found their new «Inverse Jim Cramer» in James Wynn’s trading wallet.
«The winning strategy lately? Do the opposite of James Wynn,» said blockchain sleuth Lookonchain in an X post, pointing to a trader who has been making millions by doing exactly the opposite of James Wynn’s trades.
«0x2258 has been counter-trading James Wynn—shorting when James Wynn goes long, and going long when James Wynn shorts. In the past week, 0x2258 has made ~$17M, while James Wynn has lost ~$98M,» Lookonchain said in the post.
Seventeen million dollars in a week just by inverse-betting on one trader is not a bad payday. However, this might be a short-term trade, and one should be very cautious as things can change lightning fast in the trading world, leaving punters millions in losses if not hedged properly.
Even James Wynn said, «I’ll run it back, I always do. And I’ll enjoy doing it. I like playing the game,” after the trader got fully liquidated over the weekend.
So, maybe this Reddit gem: «How much money would you have made if you did the exact opposite of Jim Cramer?» would never translate to include James Wynn. But the sentiments, though, are loud and clear: in a market where perception is half the trade, even your PnL can get memed!
A bonus read: Jim Cramer Doesn’t Know Bitcoin«
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XRP’s Indecisive May vs. Bullish Bets – A Divergence Worth Watching

XRP, used by Ripple to facilitate cross-border transactions, ended May with signs of indecision. Still, activity on the dominant crypto options exchange, Deribit, suggests that bulls aren’t ready to back down yet.
The payments-focused cryptocurrency formed a «doji» with a long upper shadow in May, a classic sign of indecision in the market, according to charting platform TradingView.
The long upper wick suggests that bulls pushed prices higher to $2.65, but bears stepped in and rejected those levels, driving prices down to near the level seen at the start of the month.
The appearance of the doji suggests the recovery rally from the early April lows near $1.60 has likely run out of steam. Doji candles appearing after uptrends often prompt technical analysts to call for bull exhaustion and a potential turn lower.
Accordingly, last week, some traders purchased the $ 2.40 strike put option expiring on May 30. A put option offers insurance against price drops.
Bullish options open interest
The overall picture remains bullish, with options open interest concentrated in higher-strike calls in a sign of persistent positive sentiment. Open interest refers to the number of active contracts at a given time. A call option gives the purchaser an asymmetric upside exposure to the underlying asset, in this case, XRP, representing a bullish bet.
«XRP open interest on Deribit is steadily increasing, with the highest concentration of strikes clustered on the upside between $2.60 and $3.0+, reflecting a notably bullish sentiment while the spot price currently trades at $2.16,» Luuk Strijers, CEO of Deribit, told CoinDesk.
The chart shows that the $4 call option is the most popular, with a notional open interest of $5.39 million. Calls at the $3 and $3.10 strikes have an open interest (OI) of over $5 million each. Notional open interest refers to the dollar value of the number of active contracts.
«XRP option open interest is split across June and September expiries, with monthly notional volumes approximating $65–$70 million, of which over 95% is traded on Deribit,» Strijers said.
The bullish mood likely stems from XRP’s positioning as a cross-border payments solution and mounting expectations of a spot XRP ETF listing in the U.S. Furthermore, the cryptocurrency is gaining traction as a corporate treasury asset.
Ripple, which uses XRP to facilitate cross-border transactions, recently highlighted its potential to address inefficiencies in SWIFT-based cross-border payments. The B2B cross-border payments market is projected to increase to $50 trillion by 2031, up 58% from $31.6 trillion in 2024.
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ETH Price Dips Below $2,500 on Whale Exit Fears, Then Bounces Back Above Key Level

Ethereum (ETH) faced renewed downside pressure in late trading, tumbling below the $2,500 level as selling volume surged and broader risk sentiment weakened. Global trade tensions and renewed U.S. tariff risks have triggered risk-off flows, with digital assets increasingly mirroring traditional markets in their reaction to geopolitical uncertainty.
On-chain data revealed sizable inflows to centralized exchanges — most notably 385,000 ETH to Binance —a dding to speculation that institutional players may be trimming positions. Although ETH has since recovered modestly to trade around $2,506, market observers are closely watching whether buyers can defend this level or if another leg lower is imminent.
Technical Analysis Highlights
- ETH traded within a volatile $48.61 range (1.95%) between $2,551.09 and $2,499.09.
- Price action formed a bullish ascending channel before breaking down in the final hour.
- Heavy selling emerged near $2,550, with profit-taking accelerating into a sharp reversal.
- ETH dropped from $2,521.35 to $2,499.09 between 01:53 and 01:54, with combined volume exceeding 48,000 ETH across two minutes.
- Volume normalized shortly after, and price recovered slightly, consolidating around the $2,504–$2,508 band.
- The $2,500 level is now acting as interim support, though momentum remains fragile with signs of distribution still evident in recent volume patterns.
External References
- «Ethereum Price Analysis: Is ETH Dumping to $2K Next as Momentum Fades?«, CryptoPotato, published May 31, 2025.
- «Ethereum Bulls Defend Support – Key Indicator Hints At Short-Term Rally«, NewsBTC, published May 31, 2025.
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