Pepe coin (PEPE) has seen an impressive increase in its value over the past two weeks, despite warnings of an impending collapse from skeptics. The growth is believed to be caused by the high volume of whales buying the token since it was first issued around mid-April. As a result, shorters have been betting against the token's price, driving up the negative funding rate in associated perpetual futures on various exchanges. However, the token's impressive 80% jump in price in the last 24 hours has caused these shorters to lose millions. On multiple exchanges, traders lost over $11 million, with the highest losses being $5.5 million on OKX. These losses rank third, only behind bitcoin (BTC) and ether (ETH) futures liquidations. Liquidations occur when an exchange closes a trader's leveraged position due to a partial or total loss of the initial margin, highlighting a local top or bottom of a price move that offers traders the opportunity to reposition.



Other News from Today