In a stunning turn of events, the meme-inspired cryptocurrency, Pepe, has witnessed an unprecedented surge in market cap, pushing it closer to the coveted $1 billion mark.
CoinMarketcap’s data paints a staggering picture, with the token’s value skyrocketing by a whopping 7292.43% in just 18 days. As of today, May 5th, the token has hit its all-time high, reaching $0.000002322.
Although its current market cap stands at an impressive $886,428,893, data shows that it has experienced a 62.54% increase in the last 24 hours alone. At present, the coin’s value is trading at $0.000002119, marking a 62.44% daily increase and a 656.25% increase in the weekly chart.
To add to the frenzy, the trading volume has also experienced a substantial surge, with a staggering increase of $788,504,695 – a remarkable 215.85% surge, according to CoinMarketcap.
Short Positions On Pepe Result In $11 Million Losses
In the world of cryptocurrency trading, short positions can often lead to huge losses, and the latest victim seems to be Pepe (PEPE).
Shorts against Pepe have taken a major hit over the past 24 hours, with CoinGlass data revealing losses of at least $11 million across several exchanges.
The highest losses were incurred on the crypto exchange OKX, with traders losing $5.5 million alone. Huobi and Bybit were also impacted, with losses of $2.2 million and $3.6 million, respectively. Even BitMEX suffered losses of a few hundred thousand dollars.
These exchanges had only recently started offering Pepe futures trading in the past week. Interestingly, the coin’s losses only rank third to Bitcoin (BTC) and Ethereum (ETH) futures liquidations, usually resulting in the highest futures losses.
PEPE Emerges As Top-Searched Coin
Meanwhile, another report shows that the latest meme-inspired cryptocurrency has been causing a stir on the decentralized exchange Uniswap, emerging as one of the most searched coins on the data platform Nansen.
In the past week, Uniswap’s v2 and v3 liquidity pools for PEPE-WETH have been the most active contracts, with more than 82,750 and 72,950 transactions, respectively, and accruing nearly $900,000 in fees.
Although its liquidity pool activity has increased, traders were hit hard last weekend due to a lack of liquidity, resulting in significant slippage when converting large amounts of PEPE for other currencies like ETH.
Despite this setback, PEPE has surpassed the trading volume of the largest meme coins in the crypto ecosystem, DOGE and SHIB, and has been listed on several centralized exchanges like OKX, MEXC, and Huobi.
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