Pepe

PEPE

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Pepe (PEPE) has experienced a major boost in both trading volume and open interest, signaling heightened investor interest and market activity. CoinGlass data&nbsp;<a href="https://www.coinglass.com/currencies/PEPE" rel="noopener noreferrer nofollow">reveals</a> that PEPE’s trading volume surged by an impressive 20.78% over the past 24 hours, bringing the total to $1.65 billion. This surge 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 spike in trading volume, open interest in the meme coin has also seen a notable increase. The data reveals a 4.06% rise in open interest, now standing at $140.63 million. Open interest measures the total number of outstanding derivatives contracts, such as futures and options, and its increase often signifies growing market speculation and participation.
<h2 dir="ltr" id="pepe-defies-broader-market-trends">Pepe defies broader market trends</h2>
This surge in critical metrics comes as PEPE’s price is also experiencing a bullish trend. Currently, PEPE is trading at $0.00001314, marking a 6.47% increase in the last 24 hours. Over the past 30 days, PEPE’s price has skyrocketed by 51.28%, reflecting a robust bullish run. What makes PEPE’s recent performance even more notable is its defiance of the&nbsp;<a href="https://u.today/correlation-between-bitcoin-and-treasury-yields-records-steep-decline" rel="noopener noreferrer nofollow">broader market trend</a>.
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 overall bearish sentiment, the meme coin has managed to carve out a positive trajectory, attracting significant investor attention and capital. Market analysts suggest that Pepe’s rally could be attributed to several factors.
This includes increased speculative trading, heightened community engagement and possibly strategic buying ahead of anticipated market movements. The sharp rise in trading volume and open interest indicates that traders are actively positioning themselves on the PEPE coin market, betting on continued price appreciation.
Furthermore, PEPE’s resilience against the broader market dip may highlight its unique position in the crypto ecosystem. Often,&nbsp;<a href="https://u.today/dogwifhat-wif-skyrockets-103-in-volume-whats-happening" rel="noopener noreferrer nofollow">meme coins</a> like PEPE thrive on community-driven momentum and viral trends, which can sometimes decouple their performance from traditional market indicators. The current bullish sentiment suggests that the meme coin could continue its upward trajectory, especially if the broader market stabilizes post-CPI report and Fed meeting.

Pepe (PEPE) Skyrockets 20% in Crucial Metric as Price Surges

Table of Contents

U_Today

Other articles published on Jun 12, 2024

How blockchain is powering McLaren’s high-speed race data

Donald Trump Calls for All Bitcoin Mining to Be Made in the U.S.: Is He Misunderstanding the Indu...

Baby Doge Coin Hits New Weekly High Amid New Listing

BNB Retreats from All-Time High: Key Predictions for the Week Ahead

VeChain’s Sunny Lu: Tackling Waste and a Wobbly Crypto Price

May US CPI Ease To 3.3%; BTC Price Surge To $69K

Join our free newsletter for daily crypto updates!