Ethereum, Solana, Doge Traders Caught Off Guard As Musk-Trump Split Weighs On Markets

Total crypto liquidations hit $972.22 million in 24 hours, with Ethereum, XRP, Dogecoin, and Solana among the most impacted

Long traders were caught off guard in the largest liquidation event since February, following a public split between U.S. President Donald Trump and a former close ally and supporter Elon Musk. On June 6, a wave of liquidations totaling $972.22 million swept the market, according to data from CoinGlass. Over the last 48 hours, nearly $3 billion in long and short positions were liquidated.

Bitcoin and Ethereum led in total liquidation volume over the past 24 hours, accounting for 64% of the total. However, Solana (SOL) and Dogecoin (DOGE) saw the most liquidations relative to their market caps, highlighting a high level of leverage in these assets.

The liquidation bias over the last 24 hours was overwhelmingly tilted against long positions. Of the total liquidations, $875 million, or 89%, came from longs. These highly leveraged positions were not able to withstand the spike in volatility driven by political developments in the U.S.

The trigger for the sharp liquidation wave was a slump in crypto prices following a public fallout between U.S. President Donald Trump and his former political ally, Elon Musk. Over the last 24 hours, Bitcoin (BTC) touched a low of $100,437, Ethereum (ETH) fell 7% to $2,387, and Solana dropped to $142. Meanwhile, Musk’s favorite crypto, Dogecoin, plunged over 20%, hitting a daily low of $0.1692.

Overall, the liquidation event appears to have stemmed from excessive long positioning amid a highly volatile market. Specifically, aggressive leveraged bets on Solana and Dogecoin, combined with stop-loss triggers during the slump, were enough to fuel the cascade of liquidations.

Despite the outsized liquidations, Solana has shown relative resilience—even outperforming Ethereum on some metrics. Dogecoin, however, remains heavily tied to Musk’s influence. With Musk now falling out of favor politically, DOGE is likely to face increased volatility in the near term.