Rug pulls, pice drops and Elon Musk — oh my! Last week was a wild one in the crypto world, as a very volatile May 19 and 20 saw prices for tokens across the ecosystem fall hard.
Whether it was proclamations about Bitcoin’s energy usage from Elon Musk dragging down other tokens, the rug getting pulled out from underneath altcoin holders’ feet or the large amount of liquidations, it seemed every corner of the crypto space was impacted. And, by the time the dust settled on May 20, more transactions had been placed on May 19 and 20 than on any other days in the past month.
Now, as a new week begins, it’s time to take a look at the data from the past week and see what all this volatility really means for traders and analysts around the ecosystem. A tip of the hat to Flipside Crypto’s Kellen Blumberg, who put together many of the visualizations we’ll cover in this piece.
A Dog Day for Meme Tokens
Perhaps the hardest-hit investors during the chaos of the past week were those holding large amounts of meme tokens, including ELON and SHIB. According to Flipside Crypto data, those two tokens saw the largest individual price drops on May 19, as ELON fell by 46% in just one day, while SHIB was close behind at 42%.
Trouble did not only come from these recently popular currencies, however, as they were far from the only tokens to see a significant loss in value, however. 1INCH and SUSHI both saw their prices drop at least 40%, while nine other tokens saw prices drop by more than 30%.
Liquidations Flow Freely
We’ll continue our analysis by taking a closer look at volatility on one particular exchange — Uniswap. It was a chaotic day on the popular DEX, as users raced to try to make sure they avoided being liquidated as prices continued to drop.
As can be seen above, however, it was a difficult day for many Uniswap users. Liquidations climbed to their highest level this year, topping the previous highs established in December of 2020 and March of 2021, by roughly 40 million liquidations.
Excluded from this massive increase, however, were stablecoins. As you can see above, where stablecoins can be seen in green, only HUSD saw more deposits than withdrawals during that time period, while DAI, FEI, LUSD, USDCX, and USDT were among the leaders in withdrawals for the day.
CEX and DEX See Massive Token Inflows
As liquidations loomed and prices around the ecosystem plunged last week, many traders looked to pour their existing token balances into various exchanges. CEXes and DEXes alike saw massive influxes in tokens last week, as 13 of the 18 tokens tracked by Flipside Crypto saw a greater volume of deposits than withdrawals on May 19 and 20.
Want to participate in Flipside Crypto’s bounty program, where you can get paid for creating dashboards like these? Join our community on Discord to get started and make sure you subscribe to our weekly newsletter, the Bounty Brief.