The MMT token, which launched at $0.1, experienced a dramatic surge to over $4.4 within 12 hours before falling back to around $1.3. According to Coinglass data, MMT saw $134 million in liquidations over the past 24 hours, ranking just behind ETH and BTC. Notably, between 4:53 and 6:18 UTC+8, over 20 liquidation orders exceeded $1 million, all of which were short positions, with the largest single liquidation reaching $5 million.