PEPE Surges 9% as Volume Tops $1B, Bulls Take Lead
Key Takeaways
- The cryptocurrency PEPE recorded a 9.23% price increase within 24 hours.
- Trading volume exceeded USD 1 billion – a 46% increase.
- Futures and spot markets show clear bullish signals.
- Long-term investors continue to actively accumulate PEPE.
PEPE Shows Strong Momentum in the Market
Over the past 24 hours, PEPE has gained significant value. With a price increase of over 9%, the token ranks among the top gainers on CoinMarketCap. Notably, no other token on the daily winners list reached a trading volume of over USD 1 billion. This volume growth indicates strong market interest.
What the Rising Trading Volume Means
A 46% increase in trading volume alongside a price rise is a classic sign of a potential trend continuation. The data shows that both the spot market (direct purchase without leverage) and the futures market (trading with leverage) contributed to this increase.
Futures Traders Bet on Rising Prices
The futures market paints a clear picture: the majority of traders are betting on rising prices. The long-to-short ratio currently stands at 1.06 – a value above 1 signals a bullish market sentiment. Additionally, short traders (those betting on falling prices) lost around USD 2.55 million, while long traders only incurred losses of USD 708,000. This imbalance confirms the current market direction.
Another indicator: the open interest-weighted funding rate has been positive for three consecutive days. This metric shows that buyers are willing to pay premiums to hold long positions – another sign of optimism.
Spot Traders Hold PEPE for the Long Term
The spot market also shows a clear trend: investors are buying PEPE and transferring the tokens to private wallets. In the past 24 hours, approximately USD 6 million worth of PEPE was purchased and withdrawn. This movement indicates long-term holding intentions. If this trend continues, it could lead to a supply shortage – potentially driving prices even higher.
Our Assessment
Current market data shows that PEPE is benefiting from strong buying interest in both the futures and spot markets. The rising trading volume, positive funding rate, and continued accumulation by long-term investors suggest a continuation of the upward trend. However, as always, the crypto market is volatile. Anyone investing should be aware of the risks and not rely solely on short-term trends.
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Sources
- CoinMarketCap
- CoinGlass
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