146% Liquidation Imbalance Stuns PEPE Long Traders

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.