Oct 2, 2024

6thTrade

The market’s recent optimism, often referred to as "Uptober," is rapidly shifting to "Rektober" as liquidations surge past $540 million. Amid this turmoil, meme coin PEPE finds itself in the spotlight despite a price drop of over 12% in just 24 hours, now sitting at $0.000009588. While this decline might seem like a setback, there's a silver lining for some investors, who see opportunity in Open Interest (OI) metrics reported by CoinGlass.

Lower Price, Bigger Opportunity for PEPE Investors

Interestingly, PEPE holders are actually excited by the recent price dip, seeing it as a prime chance to stock up. As of now, PEPE’s 24-hour Open Interest is up by 14%, with a staggering 12.2 trillion tokens currently being staked. $PEPE

The rise in OI suggests that many investors are taking advantage of what they perceive as a discounted price. Despite its inherent volatility, this indicator reflects confidence that PEPE's value might climb again. Historically, PEPE has managed to outperform several of its meme coin competitors, which fuels optimism among those buying into this recent dip.

Even with the current price drop, PEPE has still managed to achieve a respectable 13.71% growth over the past week—compared to Shiba Inu, its closest competitor, which saw a 9% increase in the same timeframe. For many, PEPE’s long-term potential is what makes it a tempting investment, and the recent increase in Open Interest underscores this sentiment.

Other Key Metrics to Keep an Eye On

With market volatility in full swing, the overall performance of most cryptocurrencies is a mixed bag, and PEPE is no exception. However, there are some positive signs. Data from IntoTheBlock indicates that PEPE’s Daily Active Addresses jumped by 9.51% overnight, now standing at 3,380.

This uptick in active addresses is significant—it indicates growing engagement within the PEPE ecosystem, which is crucial for maintaining investor interest, especially during tough times. As the market looks to recover, metrics like these will be essential to keeping the momentum going and making sure PEPE remains one of the most attractive meme coins out there.

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Disclaimer: The content of this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and may lead to substantial financial loss. Always perform your own research and consult a qualified financial advisor before making any investment decisions. The opinions expressed are solely those of the author and do not represent the views of the publisher or its affiliates. Investing in cryptocurrencies involves inherent risks, and past performance is not a reliable indicator of future results. Please exercise caution.