Over-Leveraged Long Bet on Frog-Themed Cryptocurrency Pepe PEPE/USD Now Sits on Millions in Unrealized Losses

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.

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.

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 being valued at $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.

To avoid liquidation, the whale reportedly added 3.818 million USD Coin USDC/USD in margin.

This trader went long on $PEPE with 10x leverage and is now down over $3.36M!To avoid liquidation, he deposited an additional 3.8M $USDC into #Hyperliquid and partially closed his positions to limit losses.https://t.co/FX6sISWuDP pic.twitter.com/sSvX3So3F3

— Lookonchain (@Lookonchain) August 28, 2023

The third-largest meme coin hit monthly highs last week but has since plunged over 23%.

At the prevailing price, a higher percentage of futures traders were betting on its decline, while the Long/Short ratio stood at 1, according to Coinglass.

Additionally, more than 62% of PEPE holders were "in the red," and the daily active addresses fell by over 17% in the last 24 hours, according to blockchain analytics firm IntoTheBlock.

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.

See Also: Shiba Inu Attracts More Diamond Hands Than Bitcoin, Ethereum But Is High Whale Concentration Something To Lose Sleep Over?

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