PEPE Coin Price Collapses, IDR 48 Billion Disappears

PEPE meme coin. (Photo; Doc. Teacher Watcher)

JAKARTA - PEPE coin traders and holders swallowed a bitter pill on Tuesday when the price of PEPE coins fell sharply, causing liquidation to reach $3 million. This popular meme coin, which has attracted great interest from the crypto community, has not escaped a broader decline in markets affecting many digital assets in the meme category.

Over the past week, crypto markets have experienced rising price fluctuations, with major digital assets such as Bitcoin (BTC) and Ethereum (ETH) trading in the range of US$66,000 (Rp1,056 billion) and US$3,400 (Rp54.4 million). This unstable market caused a sharp decline in the value of many coins, including PEPE, which decreased by nearly 3% on Tuesday.

As a result of this decline, crypto traders are betting on the meme coin price, known for its dynamic community and high-risk nature, seeing their leverage position forcibly closed as the coin's value falls below the critical level.

PEPE Trader Losses With Long Position

Traders who maintain a long position have the biggest impact of market volatility. Data from CoinGlass shows that about $2.33 million in long-placed liquidated positions, while short traders suffered a smaller loss of nearly 420,000 US dollars (Rp 6.72 billion).

During this period, a total of 50,877 traders, including those trading PEPE, suffered a combined loss of 119.83 million US dollars (Rp1,917 trillion) in one day. This loss comes from BTC, Ether, and other cryptocurrencies such as Solana (SOL) and Ordi (ORDI), a meme coin built on the Bitcoin ecosystem.

CoinGlass data shows that Bitcoin traders suffered a total loss of US$30 million (Rp480 billion), with most losses coming from long positions. Ethereum, on the other hand, is liquiding nearly US$20 million (Rp320 billion), while SOL and ORDI each saw about US$6 million (Rp96 billion) and US$2 million (Rp32 billion) in leverage closed positions.

All leverage positions that have been closed in the last 24 hours have occurred, especially on centralized exchanges. Binance's crypto exchange took the lead, accounting for more than half of the total liquidation.

According to CoinGlass data, Binance saw that 60.91 million US dollars (Rp974.56 billion) from the opening leverage position were closed. In addition, the largest single liquidation order occurred in Binance in the ETH/USDC pair, worth around 1.93 million US dollars (Rp30.88 billion).

Other crypto exchanges such as OKX, Bybit, and HTX, formerly known as Huobi Global, are also facing significant losses. These exchanges experienced a total liquidation of around 52 million US dollars (Rp832 billion). Crypto traders in OKX saw about 33.58 million US dollars (Rp537.28 billion) disappear when the market plummeted on Tuesday.

However, it's important to note that only theual contracts have been liquidated in the last 24 hours, without a spill to the spot market, as traders in this sector can only suffer permanent losses as they leave their trades.