An investor with an over-leveraged long bet on frog-themed cryptocurrency Pepe PEPE/USD is now sitting on unrealized losses worth millions of dollars.
What Happened: According to an X post by on-chain tracker Lookonchain on Monday, a whale address opened a 10x leveraged long position on PEPE on the decentralized perpetual trading platform Hyperliquid a week ago.
The entry price was $0.008 per 1,000 PEPE, with the current position size worth $24.32 million. The trader was already down nearly $3.4 million, and the entire position would be liquidated if PEPE tumbled to $0.00497.
In an attempt to avoid liquidation, the whale added 3.818 million USD Coin USDC/USD in margin.
See Also: Shiba Inu Attracts More Diamond Hands Than Bitcoin, Ethereum But Is High Whale Concentration Something To Lose Sleep Over?
Why It Matters: The third-largest meme coin by market capitalization hit monthly highs last week but has since plunged over 23%.
The coin’s Long/Short ratio stood at 1 as of this writing, according to Coinglass, indicating that a higher percentage of futures traders were betting on its decline.
Additionally, more than 62% of PEPE holders were under losses at the prevailing price, according to IntoTheBlock. The daily active addresses also fell by more than 17% in the last 24 hours.
Price Action: At the time of writing, PEPE was exchanging hands at $0.000007027, down 2.93% in the last 24 hours, according to data from Benzinga Pro.
Benzinga Note: Leverage trading allows cryptocurrency traders to open larger positions using borrowed capital. While it can potentially amplify profits, it also significantly increases the risk of substantial losses due to the volatile nature of the cryptocurrencies.
Image via Shutterstock
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