Pepe (PEPE) is performing as the cryptocurrency market‘s top daily and weekly gainer with a massive surge. However, the meme coin could face a long squeeze this week, leading to a price crash.
In a generalized meme coin euphoria, the biggest gainer of the week, PEPE price increase, has rewarded early investors with millions of dollars. This attracted cryptocurrency traders looking to mirror these inspiring stories, opening many long positions in the derivatives market.
Currently, PEPE has over $510.35 million of open interest for 16.4% of its $3.11 billion market cap. The open interest measures the volume of remaining opened contracts, showing the relevancy of derivatives trading on the memecoin.
Interestingly, PEPE has seen $6.70 billion in its 24-hour derivatives volume. An 81% increase, superior to the 41% daily surge to $0.00000755.
1000PEPE derivatives market data. Source: CoinGlass
PEPE’s liquidation heatmap suggests an imminent crash
Notably, for each new long p
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