- PEPE nears the $1 billion market cap milestone amid a 57% daily upswing.
- Open Interest (OI) metric pinpoints PEPE’s status as a Derivatives darling.
- $3.31M in short PEPE positions were liquidated, topping DOGE’s shorts.
The popular frog-embossed memecoin Pepe (PEPE) is firing up the charts to reclaim a spot in the TOP 100 by global crypto market capitalization. Blasting off a monumental 57% daily upswing, PEPE is now heading halfway to a fresh all-time high.
PEPE now claims a $900,260,220 global market cap and, based on trading volume and several fundamental on-chain signals, PEPE is again throwing down the gauntlet to larger competing memecoins like Shiba Inu (SHIB) and Dogecoin (DOGE).
Intriguingly, PEPE’s liquidated short positions topped $3.31 million over the last 24 hours, according to CoinGlass real-time data. These Rekt shorts outscore DOGE’s $3.21 million in short liquidations despite the top dog coin being approximately 15 times larger measured by market cap.
PEPE’s Pledge to Restore Dominance
The rapid increase in demand is evident in the daily trading volume and popularity among derivatives traders. PEPE’s Open Interest (OI) skyrocketed by 87% in the last 24 hours, while the derivatives trading volume inked 702% gains and now stands at $877.7 million, outpacing Shiba Inu’s $112 million during the same period.
The eruption in PEPE’s trading activity and both Spot and Derivatives markets have boosted the token’s price by 57% in the last 24 hours, adding up to the 95% monthly run. However, Spot trader sentiment shifted to the majority selling their PEPE coins, as the pending sells on the combined Spot order book outweighed the pending buys of $17 million to $10 million.
Is PEPE Halfway to a New All-Time High?
Ten months ago, PEPE’s run to a $1.54 billion global market capitalization was ignited by several major crypto platforms listing the memecoin. Binance listed PEPE on May 5, 2023, along with BNB Chain’s native Floki (FLOKI).
Along with the KuCoin listing, that day went down in the history books of PEPE holders with a 132% surge on listing day.
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While PEPE has faced a cold shower since then, with plunging social dominance and market capitalization shrinking to $380 million a month after the listing-inspired bull run, PEPE’s devs attempted to revive the enthusiasm with a 16.9T burn conducted in October 2023.
The $6,000,000 worth of burning deed has bore fruit, with PEPE doubling its market cap in a day.
PEPE trades at $0.00000209 at press time, facing a slight market correction from the daily heights of $0.00000226 a few hours ago. Down 50.7% from the all-time high of $0.000004307, PEPE would have to embrace a market cap of approximately $1.5bn to restore the price range.
Meanwhile, the Relative Strength Index (RSI) on PEPE’s daily charts positions the token heavily overbought, as the RSI points to 94.6. While this signifies an incoming market correction, it also can be attributed to the enthusiasm sparked by Binance’s PEPE recently launched staking campaign, which currently offers 7.13% on flexible plans.
On the Flipside
- While PEPE Derivatives trading garnered much more trading volume in recent days than SHIB, traders are looking more bullish on SHIB, based on the long versus short position ratio.
- To compare, SHIB Derivatives crypto traders have a 1.68 long versus short ratio, while PEPE’s ratio is balanced at 1.03, according to the real-time on-chain data by CoinGlass.
Why This Matters
Memecoins often appeal to the public due to their entertaining nature, which is why these cryptos are fostering the way for retail blockchain adoption.
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