PEPE Meme Coin Sees Major Whale Bet Go Sour

Whale Opens $27.53 Million Leveraged PEPE Long on Hyperliquid

A whale trader took a high-stakes bet on the PEPE meme coin by opening a 10x Leveraged long position worth $27.53 million on the Hyperliquid network. However, the trade quickly turned against them, with unrealized losses amounting to $3.238 million. The whale, identified by the address 0x507…BeDb6, initiated the position on March 24 at an entry price of $0.00814 per 1,000 PEPE. To prevent forced closure, they have added 3.818 million USDC in margin (approximately $3.8 million). They are now at risk of liquidation should the price fall to $0.005219, which could trigger cascading sell-offs and broader crypto turbulence.

PEPE whale offloads 150B tokens: Impact on price analyzed

Over the past day, PEPE (PEPE) declined by 6.5% due to bearish sentiments. A major whale has sold 150 billion Pepe tokens worth $1.14 million. According to Lookonchain, this whale had initially spent only $2,184 to acquire 1.5 trillion tokens. Additionally, whales have sold over 2.95 trillion Pepe tokens in the past day, according to IntoTheBlock. These transactions have contributed to the negative sentiment surrounding PEPE in the crypto markets.

Crypto Trader Faces $3.36M Loss on $PEPE with 10x Leverage

A crypto trader has recently faced a significant loss in $PEPE. According to data from Lookonchain, the trader opened a long position for 10x leverage, resulting in a loss of $3.36M. Despite the substantial loss, the position remains open as the trader hopes for a price recovery. To avoid liquidation, the trader deposited an additional $3.8M in $USDC into Hyperliquid and partially closed positions to limit further losses.