{"id":391662,"date":"2023-05-05T20:00:10","date_gmt":"2023-05-05T20:00:10","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=391662"},"modified":"2023-05-06T08:25:48","modified_gmt":"2023-05-06T08:25:48","slug":"pepe-coin-keeps-on-giving-despite-market-fears-of-killer-whales","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/pepe-coin-keeps-on-giving-despite-market-fears-of-killer-whales","title":{"rendered":"Pepe Coin Keeps on Giving, Despite Market Fears of &#8216;Killer Whales&#8217;"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Despite predictions of an impending collapse from critics, the Pepe Coin (PEPE) has grown stronger over the past week. According to CoinGecko data, the coin has gained almost 500% in the last two weeks.<\/span><\/p>\n<figure id=\"attachment_391666\" aria-describedby=\"caption-attachment-391666\" style=\"width: 1298px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"wp-image-391666 size-full\" src=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/05\/pepe.png\" alt=\"Pepe Price Chart\" width=\"1298\" height=\"805\" srcset=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/05\/pepe.png 1298w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/05\/pepe-300x186.png 300w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/05\/pepe-1024x635.png 1024w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/05\/pepe-768x476.png 768w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/05\/pepe-310x191.png 310w\" sizes=\"(max-width: 1298px) 100vw, 1298px\"><figcaption id=\"caption-attachment-391666\" class=\"wp-caption-text\">Pepe Price Chart<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">A number of whales, who are individuals or groups holding significant quantities of any token, purchased PEPE in the hours after it was first issued in mid-April. This led to skeptics issuing warnings of a collapse. Shorters have now lost millions of dollars as PEPE&rsquo;s market capitalization jumps to nearly $900 million.&nbsp;<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">&#127906;&#128056;&#128056;&#127906;<\/p>\n<p>Our new <a href=\"https:\/\/twitter.com\/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$PEPE<\/a> perpetual swap listings are now LIVE on BitMEX<\/p>\n<p>You can now long or short <a href=\"https:\/\/twitter.com\/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$PEPE<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24USD&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$USD<\/a> and <a href=\"https:\/\/twitter.com\/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$PEPE<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$USDT<\/a> &hellip;with up to 50x leverage + the best risk limits in the industry. Trade now<\/p>\n<p>BTC margined<a href=\"https:\/\/t.co\/R5lOu4r8Zw\">https:\/\/t.co\/R5lOu4r8Zw<\/a><\/p>\n<p>USDT margined <a href=\"https:\/\/t.co\/oPDq5AJVuM\">https:\/\/t.co\/oPDq5AJVuM<\/a> <a href=\"https:\/\/t.co\/dmSkNTfpkB\">pic.twitter.com\/dmSkNTfpkB<\/a><\/p>\n<p>&mdash; BitMEX (@BitMEX) <a href=\"https:\/\/twitter.com\/BitMEX\/status\/1653611048073822208?ref_src=twsrc%5Etfw\">May 3, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">As a result, short interest has boomed among future traders, according to reports. Shorts are bets against the price of a token. Negative funding rates in perpetual futures tied to the token have shown the dominance of bearish positions in the derivatives market. This means that shorts are dominant and will pay longs to keep their bearish bets open.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">PEPE&rsquo;s Price Increase Leads to Huge Losses<\/span><\/h2>\n<p><span style=\"font-weight: 400\">However, an 80% price increase in the past 24 hours has led to outsized losses for these traders. <\/span><a href=\"https:\/\/www.coinglass.com\/LiquidationData\"><span style=\"font-weight: 400\">CoinGlass data <\/span><\/a><span style=\"font-weight: 400\">reveals that shorts against PEPE lost at least $11 million on several exchanges over the past 24 hours. Traders on the crypto exchange OKX alone lost $5.5 million, the highest figure among counterparts.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Traders lost another $2.2 million on Huobi and some $3.6 million on Bybit. In addition, traders lost a few hundred thousand dollars on BitMEX. All these exchanges started offering Pepe futures trading in the past week.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Pepe losses were third to only <\/span><a href=\"https:\/\/insidebitcoins.com\/buy-cryptocurrency\/buy-bitcoin\"><span style=\"font-weight: 400\">Bitcoin (BTC)<\/span><\/a><span style=\"font-weight: 400\"> and <\/span><a href=\"https:\/\/insidebitcoins.com\/buy-cryptocurrency\/buy-ethereum\"><span style=\"font-weight: 400\">Ether (ETH)<\/span><\/a><span style=\"font-weight: 400\"> futures liquidations, which usually rack up the highest futures losses. Liquidation refers to when an exchange forcefully closes a trader&rsquo;s leveraged position because of a partial or total loss of the trader&rsquo;s initial margin. It happens when a trader cannot meet the margin requirements for a leveraged position and has insufficient funds to keep the trade open.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Large liquidations can signal the local top or bottom of a steep price move, which may allow traders to position themselves accordingly. However, with the volatility of PEPE and the large losses incurred by shorters, the risk of trading such tokens is clear.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Community Support Contributes to PEPE&rsquo;s Success<\/span><\/h2>\n<p><span style=\"font-weight: 400\">PEPE&rsquo;s success has been attributed to its large community of supporters, who have actively been promoting the token on social media platforms. The community has leveraged platforms such as Twitter and Reddit. The token is named after the popular meme character Pepe the Frog and has been described as a decentralized alternative to <\/span><a href=\"https:\/\/insidebitcoins.com\/news\/price-increases-in-doge-indicate-an-uptrend\"><span style=\"font-weight: 400\">Dogecoin<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Despite its recent success, investors should approach PEPE with caution because of its volatility and the risks involved in trading such tokens. It is crucial to conduct thorough research before investing and only invest money that one can afford to lose.<\/span><\/p>\n<p><span style=\"font-weight: 400\">PEPE&rsquo;s rapid increase in value has resulted in significant losses for shorters. The token&rsquo;s success has been attributed to its large community of supporters and its decentralized nature. However, investors should be cautious when trading such volatile tokens and only invest money that they can afford to lose.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">More News<\/span><\/h2>\n<p><a href=\"https:\/\/insidebitcoins.com\/news\/spongebob-token-sponge-jumps-to-2-7-million-market-cap-in-just-hours\"><span style=\"font-weight: 400\">Spongebob Token (SPONGE) Jumps to $2.7 Million Market Cap in Just Hours<\/span><\/a><\/p>\n<p><a href=\"https:\/\/insidebitcoins.com\/news\/price-increases-in-doge-indicate-an-uptrend\"><span style=\"font-weight: 400\">Price Increases In DOGE Indicate An Uptrend<\/span><\/a><\/p>\n<p><a href=\"https:\/\/insidebitcoins.com\/news\/google-ai-tsar-human-level-ai-here-within-ten-years\"><span style=\"font-weight: 400\">Google AGI: Human-Level AI Here Within Ten Years<\/span><\/a><\/p>\n                                        <div class=\"inContentProviderSingle inContentColor--insidebitcoins fc-row\">\n                        <div class=\"inContentProviderSingle--wrapper\">\n                            <div class=\"container\">\n                                <div class=\"row mb-lg-3\">\n                                    <div class=\"col-12 col-md-8\">\n                                        <p class=\"inContentProviderSingle--title\">Best Wallet - 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According to CoinGecko data, the coin <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/in-content-providers\/a-default-box\" title=\"A Default Box\">[&#8230;]<\/a><\/div>","protected":false},"author":1906,"featured_media":391673,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-391662","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-more-crypto-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Pepe Coin Keeps on Giving, Despite Market Fears of &#039;Killer Whales&#039; - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"Despite predictions of an impending collapse from critics, the Pepe Coin (PEPE) has grown stronger over the past week. 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