Pepe Coin, the popular cryptocurrency inspired by Pepe the Frog, witnessed a sudden increase in value. This caused significant losses for those in short positions. According to reports, those who shorted Pepe Coin lost a total of $17 million in a single day as the value of the coin increased by over 100 percent. Here are the details…
PEPE coin traders lost $17 million
Pepe Coin has been gaining popularity among crypto enthusiasts lately, thanks to its unique brand and strong community support. Meme coin hit the market in April and soon revived the old “meme coin” culture, making some investors millionaires overnight. As a result, many investors rushed to buy Pepe Coin, causing its value to skyrocket.
The increase in value also resulted in significant losses for coin shorts. Short selling, as we report on cryptokoin.com, is a common strategy used in trading where traders borrow assets and then sell them in hopes of repurchasing them at a lower price and making a profit. However, if the value of the asset increases, as in the case of Pepe Coin, short sellers are forced to buy back the asset at a higher price, which leads to losses.
The data shows that most of the positions taken by traders are short. Of the total $30 million liquidation, $17.35 million (57.6 percent) turned out to be short. So traders were betting that the Pepe price would drop after a huge surge. However, with the recent announcements, the price of PEPE has increased by over 100 percent. Despite the losses suffered by the shorts, the increase in Pepe Coin’s value has been a boon to its holders. Many owners noted that the value of their investment has increased significantly. This led to renewed interest in the coin and its potential for further growth.
WazirX also lists PEPE
Meanwhile, another development drew attention. According to reports, cryptocurrency exchange WazirX has announced that it will list Pepe Coin on its platform, following in the footsteps of Binance. However, not all exchanges are open to listing Pepe Coin. For example, CoinDCX reportedly refused to list the coin on its platform. The listing on WazirX is expected to increase the visibility and accessibility of Pepe Coin. On the other hand, the listing is expected to make it easier for investors to buy and trade the coin. This could lead to a further increase in the coin’s value and market position.
As a result, the spike in Pepe Coin has caused significant losses for shorts, but has also led to increased interest and investment in the coin. The listing on WazirX is expected to further boost the prospects of the coin and strengthen its position as one of the most popular and promising cryptocurrencies in the market. Currently, PEPE is changing hands at $0.00000281, up 32 percent. It rose as high as $0.00000431 in the last 24 hours.
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