Major Liquidation Imbalance Leaves PEPE Long Traders Devastated

A recent slump in the price of Pepe (PEPE) has left long-positioned traders reeling after a significant liquidation imbalance of 146% was triggered. The meme coin, which had seen gains in its value during the previous day, experienced a steep decline, leading to the liquidation of $2.82 million worth of PEPE longs. This sudden price drop also led to a total liquidation of $3.22 million within the Pepe ecosystem. While short position traders experienced minimal losses, indicating their relatively small exposure compared to long positions, many investors were caught off guard by this bearish turn-around.