An investor with an over-leveraged long bet on frog-themed cryptocurrency Pepe (CRYPTO: PEPE) is now sitting on unrealized losses worth millions of dollars.
What Happened: According to an X post by on-chain tracker Lookonchain on Monday, a whale address opened a 10x leveraged long position on PEPE on the decentralized perpetual trading platform Hyperliquid a week ago.
The entry price was $0.008 per 1,000 PEPE, with the current position size worth $24.32 million. The trader was already down nearly $3.4 million, and the entire position would be liquidated if PEPE tumbled to $0.00497.
In an attempt to avoid liquidation, the whale added 3.818 million USD Coin (CRYPTO: USDC) in margin.