PEPE has seen a remarkable surge in trading volume, rising by 20.78% over the past 24 hours to reach a total of $1.65 billion. This spike is primarily driven by trading on major exchanges, with OKX contributing $915.38 million and Bitget adding $618.01 million to the volume.
In addition to the significant increase in trading volume, open interest in the meme coin has also shown a notable rise. Data reveals a 4.06% increase in open interest, now standing at $140.63 million. Open interest measures the total number of outstanding derivative contracts, such as futures and options, and its increase often indicates growing speculation and market participation.
PEPE Defies Broader Market Trends
These increases in key metrics come as PEPE’s price also trends upwards. Currently, PEPE is trading at $0.00001314, marking a 6.47% rise over the past 24 hours. Over the last 30 days, PEPE’s price has surged by 51.28%, reflecting a strong bullish trend. This recent performance is particularly notable as it defies broader market trends.
In recent days, the cryptocurrency market has faced downward pressure in anticipation of the Consumer Price Index (CPI) report and the Federal Reserve meeting. Despite this general bearish sentiment, PEPE has managed to chart a positive course, attracting significant investor interest and capital. Market analysts attribute PEPE’s rise to several factors, including increased speculative trading, heightened community engagement, and possibly strategic buying ahead of expected market moves.
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The sharp rise in trading volume and open interest suggests that traders are actively positioning themselves in the PEPE market, betting on continued price increases. Furthermore, PEPE’s resilience in the face of broader market declines highlights its unique position in the cryptocurrency ecosystem. Meme coins like PEPE often thrive on community-driven momentum and viral trends, which can sometimes decouple their performance from traditional market indicators.
Current bullish sentiment indicates that the meme coin could continue its upward trajectory, especially if the broader market stabilizes following the CPI report and Federal Reserve meeting.
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