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According to Foresight News, CoinAnk data shows that in the past 24 hours, the total liquidation amount across the network was 148 million USD. Among them, short liquidations amounted to 104 million USD, and long liquidations were 44.1264 million USD. Bitcoin liquidations were approximately 44.58 million USD, Ethereum liquidations were approximately 20.53 million USD, and PEPE liquidations exceeded 4 million USD.

Meme coins rallied sharply at the start of 2026, with Dogecoin and Pepe leading gains as traders rotated into higher-beta assets amid range-bound bitcoin price action and thin post-holiday liquidity.Dogecoin rose about 11% over 24 hours, while PEPE surged roughly 17%, extending intraday gains of as much as 25% at the peak of the move. The rally fueled renewed talk of a potential “meme season” as speculative appetite resurfaced across crypto markets.Meme coin market activity acceleratesThe rebound was not isolated to a single token. Data from CoinGecko shows that its GMCI Meme Index category reached a total market value of approximately $33.8 billion, with $5.9 billion in 24-hour trading volume, indicating broad participation across the sector.Dog-themed tokens flashed green across the board. Shiba Inu (SHIB) gained around 8%, Bonk (BONK) on Solana added nearly 11%, and Floki (FLOKI) climbed close to 10% on the day.Smaller-cap meme coins moved even faster. Mog Coin (MOG) rose about 14% on the day and nearly 37% over the past seven days, while Popcat (POPCAT) gained roughly 9%, extending weekly gains to more than 17%.Momentum flows spill into memesTraders on X highlighted PEPE’s breakout as a key technical trigger, with some suggesting momentum-driven flows were rotating from larger cryptocurrencies into meme coins as liquidity gradually returned.The setup mirrors a familiar pattern observed during previous speculative phases, where capital migrates from major assets into higher-volatility tokens once directional conviction builds and risk tolerance improves.Why meme coins are outperformingBitcoin has remained largely range-bound, while liquidity conditions remain uneven following the holiday period. In that environment, traders often look for the highest-beta assets to express risk-on views without waiting for a clear macroeconomic catalyst.Meme coins tend to benefit under these conditions. They:Move quickly relative to large-cap assetsHave deep derivatives markets on major venuesAttract momentum-focused traders less reliant on fundamental narrativesThat combination can amplify short-term price action, even in the absence of broader market confirmation.Rally remains fragileThe surge does not necessarily signal the start of a sustained meme-led market cycle. Historically, meme coin rallies are often self-reinforcing in the short term but structurally fragile.When positioning becomes crowded, spot demand thins, or bitcoin weakens, meme coins can unwind rapidly. Leverage that accelerates upside moves can just as quickly force sharp downside de-risking.As a result, meme coins are often viewed as a temperature check for speculative appetite rather than a standalone market trend.Watching for confirmationOne common framework used by traders is a “meme season index”-style approach, which tracks how many large meme tokens outperform bitcoin over a defined period. A sustained increase typically signals rotation into higher-risk segments of the market rather than simple large-cap accumulation.For now, price action suggests traders are willing to take selective risk. The next key signal will be whether gains broaden across a wider set of meme assets — or fade as quickly as they emerged.

TLDR

The Flow network resumes block production and estimates EVM functionality restoration within 24 hours.

The Flow Foundation ruled out a massive rollback following criticism, opting instead for a targeted cleanup of illicit tokens.

An unidentified exchange allowed the withdrawal of $5 million in BTC linked to the attacker before the network halt.

The Flow Foundation has announced progress in its response strategy following the security incident suffered in late 2025. Currently, the Flow network recovery has entered its second stage, focusing on restoring Ethereum Virtual Machine (EVM) functionality and the surgical cleanup of fraudulent assets.

UPDATE: EVM RESTORATION ACCELERATED & PHASE 2 PROGRESS

Remediation of the Flow network continues in Phase 2 with significant progress. The Flow core developer team has identified a path to restore EVM functionality during ongoing Cadence remediation. This unlocks EVM to proceed…

— Flow.com (@flow_blockchain) January 1, 2026

The exploit occurred on December 27, when a hacker exploited a vulnerability in the execution layer to mint illicit tokens, moving approximately $3.9 million across various bridges.

Although a “rollback” (chain reversion) was initially proposed, strong opposition from bridge operators led the foundation to opt for a solution that preserves the integrity of legitimate transactions while removing fraudulent balances on-chain.

Security Failures and Negligence in Centralized Platforms

A critical point in this Flow network recovery process is the performance of centralized exchanges. The foundation reported that an unidentified platform allowed a single account to deposit 150 million FLOW (10% of the total supply) to convert it into Bitcoin and withdraw more than $5 million before the network was halted.

This event has been labeled a serious failure in Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols.

While block production has resumed, Flow’s DeFi ecosystem has suffered a significant impact. The Total Value Locked (TVL) fell 12% in the last 24 hours, standing at $72.1 million—far from the $102 million recorded before the attack.

In summary, the Flow network recovery also faces a complex market landscape. The native FLOW token is currently trading at $0.081, representing a drop of over 53% in the last week.

The community remains watchful for the full restoration of the Cadence environment and the revocation of temporary software upgrade permissions once the remediation is successfully completed.

According to Foresight News, Folw tweeted that it has resumed operations, and Cadence is now online in sync with EVM. Ecosystem recovery work is ongoing, and full restoration is expected this week. A detailed post-technical analysis report will be released within 48 hours.