A Whale Shorted $3.37M on PEPE with 3x Leverage

This whale trade could significantly impact PEPE’s market sentiment and trading activities, with possible increased volatility and trader attention.

A major crypto whale

A major crypto whale, identified by the wallet address 0x670d, deposited $3.37 million USDC into Hyperliquid. This significant action included initiating a short on PEPE with 3x leverage, drawing attention from the trading community.

“Whale address 0x670d recently deposited 3.37 million USDC into Hyperliquid and initiated a short position on PEPE using 3x leverage.” – Lookonchain

The wallet’s activity was highlighted by Lookonchain, which shared live details through social media. While no public statement from the whale or Hyperliquid exists, community discussion is active on forums and social media.

Market Reaction

Market reaction typically interprets such large leveraged shorts as volatility triggers. Increased pressure on PEPE could affect liquidity, open interest, and possibly lead to significant price movements and liquidations.

Financial considerations include over $10 million of exposure against PEPE’s price. This trade reflects broader trends in crypto, with large trades increasingly involving meme coins, showing the deep ties between these assets and the market.

Analyst’s Insights

Analysts focus on potential outcomes for meme coins and associated markets. If PEPE’s price shifts suddenly, triggered by this trade, further volatility could spill over to related assets, with broader implications for traders.