$PEPE
🚨 Pepe’s bullish sentiment is on the rise 🚨
Coinglass’ data shows that the futures’ OI in PEPE at exchanges rose to $599.98 million on Wednesday from $530 million on Tuesday. An increasing OI represents new or additional money entering the market and new buying, which could fuel the current PEPE price rally.
Coinglass’s OI-Weighted Funding Rate data shows that the number of traders betting that the price of frog-themed meme coin will slide further is lower than that anticipating a price increase. Generally, a positive rate (longs pay shorts) indicates bullish sentiment, while negative numbers (shorts pay longs) indicate bearishness.
The metric has flipped a positive rate and reads 0.0013% on Wednesday, indicating that longs are paying shorts. Historically, as shown in the chart below, when the funding rates have flipped from negative to positive, Pepe’s price has rallied sharply, as seen on May 8.