PEPE Breaks Out Into Price Discovery, Open Interest Soars

PEPE Surges Following Dogecoin's Rally

PEPE, the "king of memecoins," has recently experienced a breakout similar to that of Dogecoin. The cryptocurrency has soared to new highs, marking a significant rally.

Liquidity Rotation Fuels PEPE's Rise

The surge in PEPE's price was anticipated due to liquidity rotation within the cryptocurrency market. The previous all-time high (ATH) of $0.00001725 was surpassed on May 27, but it struggled to sustain momentum.

In the past month, PEPE has rallied by over 233%, reaching a new ATH of $0.00002597. At the time of writing, it is trading at $0.00002224.

Robust Demand in Derivatives Market

The latest rally was supported by strong demand in the derivatives segment. Futures open interest reached a record $281.84 million, indicating high demand from this sector.

Bearish Expectations Emerge

While PEPE has achieved a new ATH, bearish expectations are returning. Shorts have dominated trading in the last 24 hours, suggesting profit-taking may lead to sell pressure.

Large Holder Flows Reveal Mixed Sentiment

Large holder flows reveal that whales have been actively involved in the rally, but they have also been playing both sides. Inflows have surged, but outflows have also increased.

The current data suggests that whales are taking profits, but there is still significant buying pressure. This may indicate further upside potential in the coming month as the bull market heats up.