Price: $0.22820 14.3864%
Market Cap: 33.48B 1.2617%
Volume (24h): 5.38B 0.2%
Dominance: 1.2617%
Price: $0.22820 14.3864%
Market Cap: 33.48B 1.2617%
Volume (24h): 5.38B 0.2%
Dominance: 1.2617% 1.2617%
  • Price: $0.22820 14.3864%
  • Market Cap: 33.48B 1.2617%
  • Volume (24h): 5.38B 0.2%
  • Dominance: 1.2617% 1.2617%
  • Price: $0.22820 14.3864%
Home > Information news > PEPE traders take a step back: Is price the reason?

PEPE traders take a step back: Is price the reason?

Release: 2024/06/04 18:05 Reading: 542

Original author:AMBCrypto

Original source:https://ambcrypto.com/?p=397019

PEPE traders take a step back: Is price the reason?

Pepe's Volume and Open Interest Decline Indicates Lack of Liquidity

Data reveals a decline in the volume of contracts linked to Pepe (PEPE) in the market, with a 5.10% ($764.63 million) drop over the last 24 hours. This decrease is accompanied by a drop in Open Interest (OI) to $158.02 million. OI represents the value of contracts opened in the market, and a decline indicates that traders are closing their positions and withdrawing liquidity.

Selling Pressure Suggests Downward Trend

The OI decline suggests that sellers are becoming more aggressive, indicating a possible price decrease. When OI decreases, it means that market participants are reducing their net positions, potentially leading to a decline in demand for the token.

Price Decline Contributes to Lower Interest

The decline in PEPE's price to $0.000014, representing an 8.78% decrease in the last seven days, has likely contributed to the reduced interest in the token. Should the price continue to decrease, interest and trading activity may decline further.

Holding Activity Suggests Possible Recovery

Despite the recent price decline, data shows that the exchange inflow of PEPE (tokens sent into exchanges for possible sell-off) was significantly lower (5.28 billion) than the exchange outflow (14.71 billion). This suggests that more participants are holding onto the token rather than selling it. If the outflow continues to outpace the inflow, it could lead to a potential price rebound.

Bullish Potential Despite Negative Sentiment

Traders remain unconvinced about a possible Pepe recovery, as evidenced by the Long/Short ratio, which is below 1. However, historical data suggests that when negative sentiment is extreme, it can often precede a price increase. Therefore, a notable upswing could still be possible for Pepe.

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