Lisk (LSK) surpassed $2 on Sunday, a gain of more than 900% from its August floor, before crashing back to near $0.80. This round trip generated $41.13 million in liquidations over 24 hours, making it the largest crypto liquidation event over that period, with $33.68 million from short positions against only $7.44 million from longs. This four-to-one split points to forced buying driving the move rather than fresh demand. The context dates back to August, when Lisk announced the shutdown of its blockchain on October 31 and its reconstruction as a stablecoin payment service for corporate finance teams, with a proposal to destroy 100 million tokens, representing a quarter of maximum supply, pending holder vote.
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