As a seasoned researcher with years of experience navigating the tumultuous seas of the cryptocurrency market, I can confidently say that the current state of “Rektober” is nothing new to me. The rollercoaster ride we’re experiencing right now is as predictable as the rising and falling tides, albeit with a little more excitement.
The trend of a bullish October in the wider market is shifting to a more bearish October, or “Rektober,” as market sell-offs reach over $540 million. Meanwhile, PEPE has become a focus within the meme coin sector, despite its price dropping by more than 12% in the last 24 hours to $0.000009588. Although this figure suggests a significant decrease, investors are finding comfort in the Open Interest (OI) statistics, according to data from CoinGlass.
Lower the PEPE price, the better
Enthusiasts of the PEPE coin are excited due to the recent drop in price seemingly sparking new patterns of buying. At present, over the last 24 hours, the Open Interest (OI) for PEPE has increased by 14%, amounting to a total of 12.2 trillion tokens being staked.
Despite being quite unpredictable, this indicator suggests that investors view the recent drop in PEPE‘s price as a substantial opportunity for purchasing, given its potential for significant growth. In fact, PEPE’s performance over the last several months has been particularly strong compared to many of its counterparts, increasing its historical likelihood of further expansion.
Despite the recent price drawdown, the token has maintained 13.71% growth over the past seven days. This growth rate compares with the 9% uptick that its closest rival, Shiba Inu, has recorded within the same period. The attractiveness of PEPE in the long term is a major selling point, one that investors are leveraging, as displayed by the Open Interest uptick.
Other PEPE metrics to watch
During periods of significant market turmoil, performance indicators tend to show a blend of results. Interestingly, though, data from IntoTheBlock indicates that the daily active addresses for PEPE have increased by approximately 9.51%, reaching 3,380 as of today.
This measurement is useful for assessing the general mood within this environment. As we work towards restoring the top-performing meme coin’s effectiveness, these metrics become crucial in maintaining investor engagement. (Paraphrased)
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2024-10-02 17:21