PEPE is lastly following in Dogecoin’s footsteps judging by its breakout within the final 2 days. The king of the memecoins had beforehand damaged down into a large rally and soared to new 2024 highs.
It was solely a matter of time till PEPE and others in its cohort skilled an analogous final result as a consequence of liquidity rotation.
PEPE hit its earlier all-time excessive (ATH) of $0.00001725 on 27 Might however has since then struggled to keep up bullish momentum.
– Commercial –
For context, its lowest worth level up to now this month was $0.00000771 on 4 November. It has since rallied by roughly 233% to a excessive of $0.00002597 within the final 24 hours on the time of writing.
This formally marked a brand new ATH for the frog-themed memecoin. PEPE exchanged fingers at $0.00002224 at press time.
PEPE worth motion / Supply: TradingView
The newest rally was deeply overbought which suggests it might be delicate to promote strain.
– Commercial –
Sturdy Demand for PEPE in Derivatives Market Preceded The Rally
The newest PEPE rally was characterised by sturdy demand within the derivatives phase. Futures open curiosity soared to $281.84 million within the final 24 hours. This was the memecoin’s highest ever recorded open curiosity.
Pepe futures open interst / supply: Coinglass
The open curiosity surge has been taking part in out since September however its newest spike confirmed the surge in demand from the derivatives phase.
Now that PEPE’s worth has achieved a brand new ATH, bearish expectations are making a return. Shorts remained dominant within the final 24 hours, confirming {that a} sizable variety of merchants anticipate promote strain as a consequence of revenue taking.
PEPE longs vs shorts ratio / Supply: Coinglass
The memecoin had already retraced barely within the final 24 hours. Nonetheless, this doesn’t essentially imply that it might not push additional up. Such an final result may lead to a surge in liquidations.
Talking of, liquidations had been nearly evenly matched in keeping with Coinglass. Lengthy liquidations on all exchanges within the final 24 hours peaked at $1.43 million whereas quick liquidations had been barely increased at $1.44.
PEPE Giant Holder Movement Profile
PEPE giant holder flows revealed that whales have been very actively concerned within the newest PEPE rally. Nonetheless, they’ve additionally been taking part in each side and will already be signaling the following transfer.
Giant holder in inflows surged from 1.81 trillion PEPE on 2 November to 39.66 trillion PEPE on 13 November. In the meantime, giant holder outflows surged from 1.6 trillion tokens on 1 November to 40.77 trillion tokens on 13 November.
PEPE giant holder flows / supply: IntoTheBlock
The big holder stream knowledge revealed that extra whales had been taking earnings within the final 24 hours than the extent of shopping for strain.
There was nonetheless a considerable amount of the token nonetheless flowing into giant holder addresses. This means that we could proceed to see extra upside within the coming month particularly because the bull market turns into extra heated up.
