Key Points:
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.
Join us to keep track of news: https://linktr.ee/coincu
Annie
Coincu News
Discover the best cryptos to buy and hold today: Qubetics leads with 1000x potential, Ethereum…
With the platform facing a cracked whip, Trump Media company is expanding into new business…
Major crypto firms, including Ripple, Kraken, and Circle, are competing for spots on President-elect Donald…
Analysts highlight a breakout alert as Shiba Inu (SHIB), and Dogecoin show signs of recovery…
SEC Chair Gary Gensler will step down on January 20, 2025, coinciding with President-elect Donald…
The MicroStrategy convertible notes offering, initially set at $1.75 billion, was increased to $2.6 billion…
This website uses cookies.