PEPE's futures open interest has plummeted to a 30-day low, dropping by 34% since the start of April, according to Coinglass. The current figure stands at $68.43 million.
The fall in PEPE's open interest mirrors a general market decline, impacting PEPE's price trajectory. CoinGecko data indicates a 4% decrease in the global cryptocurrency market capitalization over the last week alone, with leading assets like Bitcoin and Ethereum also experiencing declines.
Trading at $0.000006735 presently, PEPE's price has decreased by 16% over the past week.
The waning hype surrounding memecoins has contributed to PEPE's daily decline since April began. On-chain data reveals a 17% decrease in the daily count of addresses involved in PEPE trades since April 1st.
New demand for PEPE has also dwindled, with a 42% decrease in the number of new addresses involved in transactions from March 31st to April 5th.
As bearish momentum grows, the profitability of daily PEPE transactions has declined. Using a seven-day moving average, AMBCrypto observed a consistent drop in the ratio of PEPE's daily transaction volume in profit to loss since March 31st.
At present, the ratio stands at 0.975, suggesting that for every PEPE transaction ending in loss, only 0.975 transactions yield profit, indicating a higher volume of loss-making transactions.
Solana experienced a significant 319% surge in Q1 2024, driven by increased memecoin trading on decentralized platforms. Despite this, challenges like a decline in DEX volume and active validators pose risks. However, announcements of token airdrops and potential yield opportunities offer optimism for Solana's growth in Q2.
SanyaNew Meme Coin "Bobaoppa" faces a rocky debut as high fees and founder's past raise concerns. Solana's Hump emerges, aiming for exponential growth. However, caution advised given founder's track record.
SanyaMemeland introduces Memenet, a blockchain dedicated to meme coins, aiming for a secure, cost-effective ecosystem. With plans for EVM compatibility and native revenue mechanisms, Memenet targets a September launch.
Cheng YuanThe Base network, supported by Coinbase, has experienced a surge in activity, particularly in memecoin trading. Transactions and trading volumes have reached record highs, with over 2.3 million transactions on March 30 alone. Decentralized exchanges on Base have seen unprecedented volumes, led by UniSwap. Memecoins have played a significant role in driving this surge, with speculation that Base could become a hub for such coins. However, this growth has also led to a significant increase in gas fees on the network. As Base continues to grow, sustaining its momentum will be crucial for its future success.
Cheng YuanWhile Dogecoin's surge is noteworthy, it also highlights the inherent volatility of meme coins, which may pose risks to investors.
BerniceA significant transfer of $21.10 million worth of Pepe (PEPE) from KuCoin exchange, equivalent to 2.63 trillion tokens, triggered a downturn in PEPE's price. Despite a modest 1.12% increase, previous decline to $0.000073 indicates impact of transfer. Exchange inflow stands at 22.11 billion, surpassed by outflow at 88.30 billion, suggesting long-term holding preference over selling. Stability predicted, with potential rise to $0.0000081, but failure in bullish trends may lead to decline to $0.0000073. Mixed signals from RSI and MFI hinder significant upward movement. Decline in social dominance indicates reduced discussion intensity, possibly signaling nearing stability or bottom. While potential surge in PEPE's value is plausible, vigilance for sentiment shifts advised to avoid nullifying anticipated gains.
Cheng YuanMeme coins inspired by the legal drama surrounding Sam Bankman-Fried experienced rapid surges and subsequent crashes in value. Tokens like "Sam Baseman Fraud" and "Som Bonkmon Fraud" saw astronomical gains before plummeting, leaving investors with substantial losses. Despite the allure of quick profits, the speculative nature of these ventures poses significant risks, often resulting in disappointment for holders.
SanyaThe surge in Base's gas fees, driven by trading bots, undermines the effectiveness of Ethereum's Dencun upgrade in scaling Layer-2 networks. Despite initial success, the incident highlights the vulnerability of these networks to manipulation, raising concerns about their long-term resilience.
BernicePolkadot Web3 launches PINK Memecoin, aiming to enhance community engagement. The token's fair distribution strategy and airdrop to parachain teams emphasize Polkadot's community-centric approach. PINKDROP GameFi introduces interactive challenges, with 15% of tokens reserved for participants. Efforts to integrate PINK into gaming highlight Polkadot's innovation. However, questions linger about the long-term impact of memecoin dynamics.
Cheng YuanPEPE defies market norms, surging 16% in 24 hrs post-Coinbase listing, indicating potential for further gains.
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MiyukiTwo whales make significant purchases of Pepe (PEPE) coins totaling 560.2 billion, coinciding with an 11% price surge. The transactions, detailed by Spot On Chain, trigger speculation about market implications, with some seeing it as a sign of growing confidence while others remain cautious.
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JinseFinanceExplore the journey of Pepe the Frog, a meme that transcended online culture to become a valuable cryptocurrency collectible. Discover how Rare Pepe cards, stored on the Bitcoin blockchain, revolutionized the concept of memes by transforming them into tangible digital assets with real-world value.
Cheng YuanWith the help of the SEC, what once looked like a crypto market trying to pull out of a bearish stretch is now experiencing extreme volatility once again. Concerned investors are on the lookout for new opportunities to make profits.
BitcoinistThe scammer has illicitly obtained assets totaling over $7 million in value.
BeincryptoLatest data from Glassnode shows that the number of Ethereum validators observed a significant increase this month, adding 11.4k to the total.
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