PEPE Price Rising by 9% Causes Largest Liquidation in History
In Brief
- PEPE price noted a remarkable yet relatively small recovery of 9%, attempting to push the price to $0.00001000.
- However, the traders betting on a further decline in price lost over $17 million in a day as the price rose.
- Whales are also hopeful of a recovery as they accumulated over 1 trillion PEPE in the last three weeks.
PEPE price was in the recovery zone, but even the potentially bullish outcome proved to be bearish.
The investors witnessed major losses, but this might not deter the large wallet holders from continuing their buying sprees.
PEPE Hits the Bears Hard
PEPE price noted a minor 9% rise in price in the last 24 hours, leaving the market in shock. Not because it resulted in the initiation of recovery but because it led to massive short liquidations.
According to the data obtained on Coinglass, the meme coin noted $17 million worth of short liquidations in a single day. This is the largest liquidation in the meme coin’s history, which shows that the bears were expecting an additional decline in the PEPE price this weekend.
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But as terrible news for the bears, it proved to be bullish for other investors, namely the top addresses, including whales. These non-exchange addresses hold the largest amount of PEPE over other individual addresses.
In the last three weeks, these investors bought more than 1.5 trillion PEPE worth more than $13 million. This shows that the top holders, rather than turning bearish over the decline, observed it as an opportunity to accumulate. This would prove to be profitable once the price recovers.
PEPE Price Prediction: Reclaiming the Uptrend
PEPE price lost the uptrend that had been unbroken since mid-April earlier this week. As a result, the meme coin fell from $0.00001146 to $0.00000889 at the time of writing. The slip below $0.00001000 was a crucial bearish moment, leading to many believing further decline is on the cards.
