Along with the upward movement of the market, PEPE onchain data also draws attention. Especially a positive change in funding rates shows that long-term investors are buying and may be a sign of a possible upward trend. Although investors' expectations of an increase increase, PEPE's open interest has remained stable with the recent Bitcoin rise and continues to hover around $79 million.
Increase in the Number of Wallets Holding More Than 10 Million PEPE!
The lack of a major increase in open interest suggests that investors are cautious about making new purchases. However, the increase in the number of wallets holding more than 10 million PEPE indicates that selling pressure is low in the popular memecoin. With Bitcoin reaching $63,000, this positive trend can be expected to continue for a while.
The course of the memecoin market will be an important factor in this process. The popular memecoin, which attracted attention in 2023, may attack again in the last quarter of 2024 if the trend strengthens. However, it is of great importance in which area a memecoin boom will occur. In recent weeks, there has been a craze, especially in cat-themed memecoins, led by projects such as POPCAT, and this signals new trends in the market.
