{"id":3114,"date":"2024-09-03T11:00:13","date_gmt":"2024-09-03T11:00:13","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=3114"},"modified":"2024-09-03T11:00:13","modified_gmt":"2024-09-03T11:00:13","slug":"pepe-open-interest-plunges-72-from-ath-is-a-recovery-imminent","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=3114","title":{"rendered":"PEPE Open Interest Plunges 72% From ATH, Is A Recovery Imminent?"},"content":{"rendered":"

When it comes to meme coins, PEPE has undoubtedly been one of the best performers<\/a> in the last year. The meme coin reached an all-time high after an all-time high in 2024, eventually crossing the $5 billion market cap. The rapid rise in price was followed by a surge in the open interest of the meme coin at the time. However, with time, the open interest has seen a notable decline, both in price and in open interest, but this could be good news for the PEPE meme coin.<\/p>\n

PEPE Open Interest Down 72%<\/h2>\n

In the middle of 2024, the PEPE price rose quickly<\/a> as the crypto market rebounded. This rise to new all-time high levels also meant that interest in the meme coin was rising rapidly and the result was the PEPE open interest actually touching a new all-time high of its own.<\/p>\n

According to data from the Coinglass website<\/a>, in May 2024, the PEPE price rose to its current peak of $0.000017, while the open interest reached a new high of $794.77 million. However, bulls lost momentum at this level as the shooters took over the crypto market. Over the next few months, the PEPE price declined, as did the open interest.<\/p>\n

By August, the PEPE open interest dropped to levels not seen since April 2024, meaning new 4-month lows. The open interest went from almost $800 million to as low as $215 million. Since then, there has been some recovery in the open interest, but it has remained shaky.<\/p>\n

The drop to August lows meant that the open interest had fallen as much as 72% from its peak. However, around this time, the PEPE price<\/a> has fallen only around 55% from its peak, going from $0.000017 to as low as $0.000007.<\/p>\n

Is This Good News?<\/h2>\n

The drop in open interest in the PEPE meme coin<\/a> does signal a decline in bullish sentiment among investors. It means that investors are more willing to bet on the price of the meme coin<\/a> going down rather than going up, which could mean mounting selling pressure on the coin.<\/p>\n

However, times like these can often turn out to be bullish for a cryptocurrency\u2019s price. This is because when investors are the most bearish, the odds of a reversal are higher, taking the shorter by surprise. Given how much the open interest has fallen, it would come as no surprise if there was a short squeeze, flushing bears out of the market.<\/p>\n

If this happens, then the PEPE price could see a quick recovery<\/a> from here. Naturally, as the open interest begins to rise, so would the price, given their positive correlation so far.<\/p>","protected":false},"excerpt":{"rendered":"

When it comes to meme coins, PEPE has undoubtedly been one of the best performers in the last year. The meme coin reached an all-time high after an all-time high in 2024, eventually crossing the $5 billion market cap. The rapid rise in price was followed by a surge in the open interest of the […]<\/p>\n","protected":false},"author":0,"featured_media":3115,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-3114","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/3114"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3114"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/3114\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/3115"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3114"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3114"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3114"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}