1
22
Pepe ($PEPE) recorded a more than 6% decline in the last 24 hours as the meme coin lost gains on the cryptocurrency market. This significant dip in price has left long-positioned traders stunned by a liquidation imbalance of 146%.
$2.82 million in $PEPE longs liquidated
According to CoinGlass data, the price decline triggered a total liquidation of $3.22 million in the Pepe ecosystem. Of this volume, traders betting on the upward movement of $PEPE suffered losses, as $2.82 million were wiped out following the price drop.
This indicates that Pepe’s performance did not meet the expectations of investors, who were confident that its value would increase to $0.0000120.
Short position traders had minimal losses valued at $399,000. This volume suggests that the majority of investors in $PEPE were bullish on the frog-themed meme coin. However, they were caught off guard when market volatility nullified their predictions.
As of press time, $PEPE was changing hands at $0.00001161, representing a 6.61% decline in the last 24 hours. Trading volume has witnessed less of a decline, dropping slightly by 0.79% to $833.38 million within the same time frame.
This suggests that investors have not abandoned the meme coin just yet despite the bearish event.
Broader meme coin market also bleeding
Interestingly, $PEPE is not the only meme coin on a downward spiral. Within the same period, the king of meme coins, Dogecoin, suffered a 3.71% decline in price, while Shiba Inu registered a 2.19% dip.
With the current downward trend in the meme coin space, Pepe investors might need to track key technical levels, such as the $0.0000120 resistance. A rebound to this level could signal stronger stability for $PEPE’s value.
The activities of $PEPE whales could also indicate if the meme coin market is entering recovery mode. Recently, when whales transacted over 11 trillion $PEPE, the meme coin’s price rebounded. A similar breakout might be on the horizon for the token moving forward.
newsbtc.com
coingape.com