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Pepe (PEPE) has recorded massive transactions within the last 24 hours as over 33 billion PEPE changed hands among market participants. A staggering 33.68 billion PEPE, representing an 8.61% increase, was committed in open interest.
PEPE sees renewed interest amid market volatility
According to CoinGlass data, the total transaction volume is $274.69 million. This renewed interest from investors that triggered a buying spree has sparked debate on what might be looming for the frog-themed meme coin.
This marks a shift from the selling pressure PEPE has been under, which caused a downtrend and pushed the price to multi-month highs.
Tomiwabold OlajideHowever, as of this writing, PEPE has climbed by 4.71% in the last 24 hours to $0.000007936. Within the same time frame, trading volume spiked by 31.70% to $627.65 million.
This signals the growing interest among investors in the frog-themed meme coin.
An analysis of the open interest indicates that Gate.io, Bitget and OKX registered the highest activities from market participants.
Gate.io led 57.27% of the open interest with 19.90 trillion PEPE valued at $157.32 million. Bitget only managed less than half of Gate.io’s total open interest.
The exchange registered 23.41%, or 8.12 trillion PEPE valued at $64.31 million. OKX, on the other hand, recorded 13.2%, or 4.58 trillion PEPE worth $36.26 million.
Will PEPE sustain its momentum?
Analysts consider the recent development notable, given that PEPE recently experienced bearish pressure, plunging into the red. Many investors suffered losses as the downturn affected traders' positions.
As reported by U.Today, the current uptick has been building its momentum. Analysts had projected that PEPE could knock off one zero and sustain its recovery journey to shake off its bearish pressure.
Vladislav SopovPEPE’s challenges were further compounded by the recent emergence of a "death cross" pattern. The death cross further signals bearish momentum for the meme coin.
With the current uptick in on-chain metrics for PEPE, some analysts say if the meme coin could sustain the momentum, a bigger breakout might be ahead.
Vladislav Sopov
Dan Burgin