The meme coin mania is back in the cryptocurrency market, and cryptocurrencies like PEPE show signals of being overvalued. This could foreshadow a long squeeze, as suggested by increased open interest (OI), high funding rates, and accumulated liquidations downwards.
Previously, the meme coin boom marked a local top, followed by a market crash and significant long-position liquidations. Should a similar pattern play out, this asset class is at the peril of suffering another hit despite positive social activity from influencers.
As of this writing, PEPE has $736.69 million in open interest, ranking fifth on CoinGlass. This value represents 11% of the meme coin’s $6.39 billion market cap, trading at $0.0000151. Notably, PEPE’s OI is larger than the open interest on XRP, which has a $29.73 billion market cap.
Despite a drop of 37.82% in the $3.07 billion 24-hour volume, the market’s open interest is surging by 8.85% on the meme coin.
PEPE and XRP open interest and deriva
We współpracy z: https://finbold.com/long-squeeze-alert-this-cryptocurrency-could-crash-30-soon/
