Pepe (PEPE) skyrockets 20%
Pepe (PEPE) has witnessed a significant uptick in both trading volume and open interest, indicating an increase in investor engagement and market dynamics. Data from CoinGlass shows that the trading volume for PEPE has escalated by an astonishing 20.78% in the last 24 hours, amounting to $1.65 billion. This increase is largely fueled by activities on leading exchanges, where OKX has contributed a massive $915.38 million and Bitget has pitched in with $618.01 million to the total volume.
The rise in trading volume goes hand in hand with a noteworthy rise in open interest for the meme coin. According to available data, there's been a 4.06% uptick in open interest, now valued at $140.63 million. Open interest, the cumulative count of unsettled derivatives contracts such as futures and options, usually denotes an uptick in market speculation and engagement when it rises.
Pepe stands out amidst the broader market dynamics
Amidst these increases, PEPE’s price is also on an upward trajectory. Presently, PEPE is valued at $0.00001314, which is a 6.47% rise over the last 24 hours. In the last month, the price of PEPE has surged by 51.28%, embarking on a strong bullish phase. The remarkable aspect of PEPE's current surge is its ability to buck the trend of the broader market.
With recent times seeing the cryptocurrency market leaning downwards due to the Consumer Price Index (CPI) report and the Federal Reserve meeting, PEPE has managed to maintain a positive growth curve amidst the bearish market sentiment. Analysts point to several reasons behind the rally of Pepe, including a spike in speculative trading, increased engagement from the community, and strategically timed purchases by investors expecting market shifts. The considerable gains in trading volume and open merchant interests suggest a proactive stance by traders who are optimistic about PEPE's price going further up.
The capacity of PEPE to perform well, even when the broader market is experiencing a downturn, may illustrate its distinct standing within the crypto world. Meme coins like PEPE often capitalize on the momentum created by their communities and viral phenomena, potentially enabling them to move independently of the traditional market norms. The ongoing positive trend hints that PEPE might maintain its upward movement.
