The post Crypto Trader Loses $1M Overnight In Pepe Coin, Shares Heartbreaking Story appeared first on Coinpedia Fintech News
In a shocking turn of events, a crypto trader known as Crypto Nerd woke up to a devastating realization: he had been liquidated overnight, resulting in a loss of $1 million. Eventually, he leveraged a 3x long position on the PEPE coin. Meanwhile, the sudden drop in the price of PEPE, plummeting by as much as 20% overnight to $0.0000059, contributed to his substantial loss.
$1 Mln Loss Overnight
Crypto Nerd, a seasoned investor who has been involved in the crypto space since 2017, took to X to share his heartbreaking experience. According to his tweet, he had leveraged a 3x long position on PEPE, a cryptocurrency, only to suffer a catastrophic liquidation while he slept.
Crypto Nerd moaned in his tweet. “I was 3x long PEPE. I lost everything I had. I don’t even have $1000 in my bank account but had $1M in Binance.”
The sudden and drastic loss serves as a stark reminder of the volatile nature of the cryptocurrency market and the risks associated with leveraging positions. Despite Crypto Nerd’s years of experience in the industry, even seasoned traders are not immune to the potential pitfalls of high-risk trading strategies.
Pepe Coin Liquidation
In the past 24 hours, 296,926 traders faced liquidation, resulting in a total of $939.54 million in losses, according to data from Coinglass. Among them, Pepe Coin suffered a collective liquidation of $8.77 million, with $7.42 million from long positions and $1.29 million from short positions.
Today’s losses are primarily attributed to the global market downturn and escalating geopolitical tensions. The PEPE price plummeted by 20% overnight, reaching $0.0000059, led by a significant surge in trading volume, reaching $1.32 billion.
Risk Management While Trading
Crypto Nerd’s story resonated with many in the crypto community, prompting discussions about risk management strategies and the importance of being prepared for unexpected market movements.
As the crypto market continues to evolve, traders are reminded to exercise caution and diligence in their investment decisions.
