PEPE Coin Surges To $900M Valuation, Leaving Shorters In The Dust!
- Pepe coin gains 500% in 2 weeks, leading to short interest among futures traders.
- Whales who purchased PEPE in mid-April cause concern.
- Shorts lose over $11 million in the past 24 hours on several exchanges, with OKX alone accounting for $5.5 million.
Pepe coin (PEPE) has recently seen a surge in value, skyrocketing by 500% over the past two weeks.
This growth has been met with skepticism from some experts, who are concerned about the number of “whales” – investors who hold a significant amount of the token – that have purchased PEPE coin since its issuance in mid-April.
Despite these concerns, futures traders have been betting against the token’s price, leading to an increase in short interest. The funding rates for perpetual futures tied to PEPE remain negative, indicating that bearish positions are dominant in the derivatives market. This means that shorts are willing to pay longs to keep their bearish bets open.
However, the recent 80% price increase has led to significant losses for these traders. According to CoinGlass data, shorts against PEPE lost at least $11 million on several exchanges in the past 24 hours. Specifically, traders lost $5.5 million on crypto exchange OKX alone, which is the highest figure among counterparts.
Other exchanges that offer PEPE futures trading, including Huobi, Bybit, and BitMEX, also saw traders lose money in the past day. This is due to the liquidation of leveraged positions when traders failed to meet the margin requirements for their trades.
Overall, while PEPE coin has experienced significant growth in recent weeks, there are concerns about the impact of whale investors and the potential for future losses among shorts.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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