Pepe (PEPE) Soars 20% in Crucial Metric as Prices Rise

Pepe (PEPE) Soars 20% in Crucial Metric as Prices Rise

Pepe (PEPE) has seen strong momentum in both trading volume and open interest, indicating increased investor interest and market activity. CoinGlass Data reveals that PEPE trading volume increased an impressive 20.78% in the last 24 hours, bringing the total to $1.65 billion. This increase is mainly due to trading on major exchanges, with OKX contributing $915.38 million and Bitget adding $618.01 million to the volume.

Pepe (PEPE) has seen strong momentum in both trading volume and open interest, indicating increased investor interest and market activity. CoinGlass data reveals that PEPE trading volume increased an impressive 20.78% in the last 24 hours, bringing the total to $1.65 billion. This increase is mainly due to trading on major exchanges, with OKX contributing $915.38 million and Bitget adding $618.01 million to the volume.

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In addition to the increase in trading volume, open interest in the meme coin has also seen a notable increase. The data reveals a 4.06% increase 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 rise often means growing speculation and market participation.

Pepe defies broader market trends

This increase in critical metrics comes as PEPE price is also experiencing an uptrend. PEPE is currently trading at $0.00001314, up 6.47% in the last 24 hours. In the last 30 days, the price of PEPE has skyrocketed 51.28%, reflecting a solid bullish streak. What makes PEPE’s recent performance even more notable is its challenge to broader market trend.

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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 forge 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, increased community involvement, and possibly strategic buying ahead of anticipated market movements. The sharp increase in trading volume and open interest indicates that traders are actively positioning themselves in the PEPE coin market, betting on continued price appreciation.

Furthermore, PEPE’s resilience in the face of the broader market decline may highlight its unique position in the crypto ecosystem. Often, coins memes 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 after the CPI report and the Federal Reserve meeting.

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