PEPE funding rate data shows a positive shift as long-term investors make purchases, indicating a potential uptrend. A positive funding rate indicates that investors’ bullish expectations are increasing. However, during the recent Bitcoin price rally, PEPE’s open interest has remained largely stable at around $79 million.
The lack of a significant increase in open interest suggests that investors may still be cautious about making new purchases. Additionally, the number of wallets holding more than 10 million $PEPE is increasing. This development suggests 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.
The evolution of the memecoin market will play a major role in this process. The popular memecoin, which took the world by storm in 2023, could strike again in the final quarter of 2024 if the trend continues. But where the memecoin trend takes place is an important factor. For example, there has been a cat memecoin craze in recent weeks. Many cat-themed memecoins, especially POPCAT, have experienced their own price surges.
