Big Bet Against the Meme King
A crypto whale just placed a fat 3x leveraged short on PEPE, dropping $3.37 million USDC into Hyperliquid to nuke the frog. The wallet (0x670d) made the move earlier today, May 29, and it’s already got traders sweating. PEPE has been one of the most memed, watched, and bid-up tokens in the trenches so why the sudden attack?3x Leverage, $3.3M Down
That’s a Serious Statement
This isn’t some bored degen placing a $2K revenge short. It’s a calculated move from a wallet that clearly believes PEPE is due for a correction and is willing to back that belief with millions. The 3x leverage means this whale is betting hard that PEPE’s recent rally is out of steam.
Community Shaken, Traders Split
Crypto Twitter and Telegram are split. Some are calling it smart money positioning ahead of a market cool-down. Others say it’s an overconfident whale about to get burned. Either way, the play is big enough to impact sentiment and maybe even price movement especially if the whale starts winning.
Why Now?
There’s been chatter that PEPE’s run was overextended. Volume’s been thinning, and a few big holders already rotated out last week. But nothing major happened until now. This short could be the start of a broader shift or just one high-stakes trader trying to grab headlines and liquidations.
What Happens Next?
If the price dips even slightly, it’ll validate the short and might trigger more downside pressure as copycat traders follow suit. If PEPE somehow rips from here… well, that whale could be in for the mother of all liquidations. Either way, PEPE just became the center of attention again and it’s not because of a new meme.
