PEPE Leveraged Trades Suffer Major Losses as Crypto Market Volatility Bites

A recent price drop for PEPE token, coupled with the wider crypto market volatility, has resulted in substantial losses for a trader using 10x leverage on the HyperLiquid decentralized exchange. This trader is now facing $3.36 million in unrealized trade losses, as they struggle to avoid liquidation. Lookonchain data reveals that this PEPE trader used 10x leverage on their long position, and is actively trying to save themselves from being liquidated via fresh USDC deposits into HyperLiquid. The trader has also partially closed out some of their positions to limit the further damage.