Pepe coin (PEPE) has experienced a significant price increase of 500% in the past two weeks, despite negative funding rates in perpetual futures tied to the token indicating bearish positions in the derivatives market. The price bump has led to significant losses for traders holding short positions against Pepe, with shorts against Pepe losing at least $11 million on several exchanges over the past 24 hours. Pepe losses were third to only bitcoin (BTC) and ether (ETH) futures liquidations, which usually rack up the highest futures losses. Large liquidations can signal the local top or bottom of a steep price move, allowing traders to position themselves accordingly. (Coindesk)