Unexpected Liquidation Spike Shakes PEPE Token Traders: Analyzing the 146% Imbalance

Meme Coin Pepe Experiences Significant Decline, Leaving Traders Stunned

In a surprising turn of events, the meme coin Pepe (PEPE) has recorded a more than 6% decline in the last 24 hours, losing ground on the cryptocurrency market. This significant price drop has left long-positioned traders stunned, with a liquidation imbalance of 146%.

According to CoinGlass data, the price decline triggered a total liquidation of $3.22 million in the Pepe ecosystem. Of this volume, traders betting on the upward movement of PEPE suffered the most, with $2.82 million wiped out following the price drop.

This indicates that Pepe's performance did not meet the expectations of investors, who were confident that its value would increase to $0.0000120. Short position traders, on the other hand, had minimal losses valued at $399,000, suggesting that the majority of investors in PEPE were bullish on the frog-themed meme coin.

At the time of writing, PEPE was trading at $0.00001161, representing a 6.61% decline in the last 24 hours. While trading volume has witnessed a slight decrease of 0.79% to $833.38 million within the same time frame, this suggests that investors have not abandoned the meme coin just yet despite the bearish event.

Interestingly, PEPE is not the only meme coin experiencing a downward spiral. Within the same period, the king of meme coins, Dogecoin, suffered a 3.71% decline in price, while Shiba Inu registered a 2.19% dip.

With the current downward trend in the meme coin space, Pepe investors might need to track key technical levels, such as the $0.0000120 resistance. A rebound to this level could signal stronger stability for PEPE's value. Additionally, the activities of PEPE whales could also indicate if the meme coin market is entering recovery mode, as a recent surge in whale transactions over 11 trillion PEPE led to a price rebound.