- The value of the Pepe Coin tokens increased rapidly and reached almost $900 million, showing no signs of slowing down.
- Pepe coin (PEPE) is still going strong, despite concerns from critics. According to CoinGecko data, the tokens have increased by 500% over the past two weeks.
Some experts expressed concern about the number of whales who bought PEPE tokens soon after they were launched in mid-April.
CoinDesk reported that futures traders have become increasingly interested in betting against the price of Pepe coin, also known as taking short positions.
Investors betting against the Pepe token have continued to dominate the market, as shown by negative funding rates in perpetual futures linked to the token. Negative funding rates mean that shorts are more dominant and willing to pay longs to maintain their bearish positions.
Over the past 24 hours, the price of Pepe coin surged by 80%, causing significant losses for short sellers. CoinGlass data reveals that short sellers lost at least $11 million across several exchanges, with the highest loss of $5.5 million reported on crypto exchange OKX.
Over the past 24 hours, traders lost a significant amount of money on several exchanges that offer Pepe futures trading. According to CoinGlass data, shorters lost at least $11 million, with the highest figure of $5.5 million lost on OKX exchange alone. Other exchanges, such as Huobi, Bybit, and BitMEX, also saw traders lose $2.2 million, $3.6 million, and a few hundred thousand dollars, respectively. All of these exchanges began offering Pepe futures trading in the past week.
Pepe’s losses were the third largest in futures trading, behind only Bitcoin (BTC) and Ether (ETH) futures liquidations, which typically result in the highest losses.
Liquidation is when an exchange forcefully closes a trader’s position because the trader has lost some or all of their initial margin. This happens when a trader cannot meet the margin requirements to keep their leveraged position open due to insufficient funds.
Big liquidations happening in the market may indicate the highest or lowest point of a sudden price change. This can help traders to make strategic trades based on the signal.
