PEPE Coin Experiences Record-Breaking Liquidation Following 9% Price Surge
PEPE Coin, a popular meme cryptocurrency, recently witnessed a surprising turn of events as its price rose by 9% in just 24 hours. However, this seemingly bullish outcome led to the largest liquidation event in the history of the coin.
Coinglass, a leading data provider, reported that a staggering $17 million worth of short positions were liquidated during this period. This unexpected surge in liquidation suggests that bearish investors were anticipating a further decline in PEPE Coin’s price over the weekend.
Interestingly, while the recent price movement resulted in significant losses for some investors, it did not deter large wallet holders, including whales, from continuing to buy more PEPE Coin. These non-exchange addresses, which hold the majority of PEPE Coin, have been accumulating large amounts of the cryptocurrency, worth over $13 million, in the past three weeks. This indicates that these top holders view the price decline as an opportunity to accumulate and eventually profit from a potential recovery.
Unfortunately, PEPE Coin recently broke its previously unbroken uptrend that had been in place since mid-April. The coin’s price slipped from $0.00001146 to $0.00000889. While some believe that further decline might be on the horizon, others see the recent green candlestick as a sign of potential recovery. If PEPE Coin manages to regain support above $0.00001000, it could potentially bounce back and reclaim its previous losses by reaching $0.00001146.
However, if the coin fails to regain support, a drop to $0.0000775 followed by consolidation below $0.00001000 may occur, invalidating the bullish scenario.
In conclusion, PEPE Coin’s recent price surge triggered a record-breaking liquidation event, causing significant losses for some investors. However, top holders remain optimistic, accumulating more PEPE Coin in anticipation of a potential recovery. The future price trajectory of the coin remains uncertain, with both bullish and bearish scenarios in play.