14.2 Trillion PEPE Open Interest Offsets 12% Price Fall
Release: 2024/10/02 22:09 Reading: 649
Cover Image: U.Today
Market Downturn ("Rektober") Affects Meme Coins
Amidst a broader market correction, the liquidation value in the cryptocurrency market has surpassed $540 million. While many meme coins have been affected, PEPE stands out despite a 12% price drop to $0.000009588 within 24 hours.
Investors Seek Opportunity in Price Slump
Despite the price decline, investors have found solace in Open Interest (OI) figures, as per CoinGlass data. The OI for PEPE has risen by 14% in the past 24 hours, reaching 12.2 trillion tokens.
This indicates that investors view the price drop as a buying opportunity. PEPE has historically outperformed other meme coins, making it a potential growth investment.
Key Performance Indicators
While other performance metrics remain mixed, IntoTheBlock data shows a 9.51% increase in Daily Active Addresses for PEPE to 3,380 overnight.
This metric is a reflection of overall ecosystem sentiment and is crucial for maintaining investor interest in the long-term viability of meme coins.
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