PEPE Bet Goes Wrong: Crypto Whale Faces Huge Loss

A notable crypto investor, identified by the address 0x507, initiated a long position on PEPE with 10x leverage on the decentralized exchange Hyperliquid on March 24.

At the time of opening the position, the price of PEPE was $0.00000814.

Currently, the investor is facing a significant loss of $3.2 million, with the position still open. The value of the position now stands at $21.4 million, but if the price of PEPE drops to $0.0000046447, the position will be liquidated.

In an attempt to avoid liquidation, the whale recently injected an additional $3.8 million in stablecoins as margin to support the position.

As of now, PEPE is priced at $0.000007049, reflecting a slight 3% decrease over the past week, despite briefly reaching $0.0000091 earlier.

While the token has posted a weekly decline, it has performed better than Ethereum, which has seen even more significant losses recently.

The whale’s strategy of maintaining the long position despite the losses highlights the volatile and high-risk nature of leveraged trading in the crypto market, where large moves in price can result in substantial profits or devastating losses. The market will likely remain unpredictable in the coming days, with the whale’s position remaining at risk if PEPE fails to recover in value.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.