The crypto market suffered a $50 million liquidation event, led by Ethereum and memecoins. With almost $2 million currently liquidated, Ethereum claimed the lead in liquidation volume, while memecoin Pepe saw a startling liquidation of over 640 billion PEPE tokens, corresponding to a value above $1 million. According to Coinglass statistics, over 70% of liquidations occurred across several major exchanges, with short holdings accounting for more than $16 million and long positions accounting for more than $12 million. Bitcoin accounted for a sizable portion of the total cryptocurrency market capitalization, and 24-hour trading volume had topped $42 billion. Market participants should remain alert and prepared for unexpected changes in market mood. News Sorce

The TVL of Polygon has dropped by more than 3% in the last 24 hours, indicating a trend reversal. The long/short ratio of MATIC rose, indicating a trend reversal. Polygon’s fees and income increased at the end of April, although the trend was brief. zkEVM’s TVL has been acting strangely. Since its inception, zkEVM’s TVL has expanded dramatically, but its vital statistics have decreased. With a market value of more than $9 billion, MATIC’s price activity has been modest. According to CryptoQuant’s analysis, the hardship may persist as Polygon’s exchange reserve grows. However, some metrics, such as MATIC’s funding rate and MVRV Ratio, appear to be positive. Coinglass also mentioned MATIC’s long/short ratio as a bullish indication. News Sorce

Bitcoin has seen an increase in transaction fees and unconfirmed transactions, raising concerns about a denial-of-service attack. Bitcoin analysts and observers have allayed these anxieties, with average transaction fees currently standing at $19.20 and a backlog of 459,341 transactions. According to industry observers, this is the first time this has happened since 2017. The increase in Ordinals inscriptions has been related to the surge in activity and block space need. On May 7, 75% of Bitcoin on-chain transactions used Taproot, setting a new high. Crypto Twitter believed that the congestion was caused by a denial-of-service assault, however, analysts pointed out that it was caused by demand rather than a deliberate attack. On May 8, Binance again banned Bitcoin transactions. News Sorce