The Ethereum-based meme coin HENRY experienced a staggering 320% price surge following the viral spread of a 2023 tweet that seemingly predicted the name of a White House shooter. The original tweet was posted by an account named Henry Martinez and contained only the name 'Cole Allen' alongside a collage featuring a Pepe meme and a photo of U.S. President Donald Trump. On April 25, a shooting incident occurred at the White House, and the gunman was identified as Cole Tomas Allen. This coincidence caused the 2023 post to resurface and spread rapidly after the account owner reposted it, referring to themselves as a 'time-traveling Pepe.' The HENRY token, which had been trading at low levels, saw its value skyrocket within hours. Multiple copycat Solana-based meme coins imitating the original HENRY have since emerged, attempting to capitalize on the viral attention.
Meanwhile, the broader crypto market faced a severe shockwave as crypto liquidations surged past $245 million in just 24 hours. Data reveals that long-position traders bore the brunt of this forced sell-off. Bitcoin saw the highest absolute liquidation volume at over $121 million, with 91.63% being long positions. Ethereum liquidations totaled over $112 million, with 86.61% long positions. Solana experienced the highest percentage of long liquidations at 94.14%. Analysts point to a combination of macroeconomic pressures, including the Federal Reserve's recent hawkish stance on interest rates, and a fragile market structure as contributing factors. When Bitcoin's price dropped below a key support level, it triggered a cascade of stop-loss orders and forced liquidations, accelerating the price decline.
