PEPE draws attention with onchain data: Wallets are active.

PEPE funding rate data shows a positive change as long-term investors make purchases, indicating a potential upward trend. A positive funding rate indicates that investors' bullish expectations are increasing. However, during the recent Bitcoin rally, PEPE's open interest has mostly remained stable at around $79 million.

The lack of a significant increase in open interest indicates that investors may still be cautious about making new purchases. In addition, the number of wallets holding more than 10 million $PEPE is on the rise. This development shows that there is not much selling pressure on the popular memecoin. Considering that Bitcoin has also reached $63,000, this statistic may continue to be positive for a while longer.

The course of the memecoin market will play an important role in this process. The popular memecoin, which took 2023 by storm, may attack again in the last quarter of 2024 if the trend strengthens. But the area in which the memecoin trend will occur is a critical element. For example, there has been a craze in cat memecoins in recent weeks. Many cat-themed memecoins, especially POPCAT, have experienced their own bull run.

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