Well now, gather ’round, folks, for I bring tidings of a most curious creature known as PEPE, a frog-themed currency that has taken quite the tumble—much like a clumsy frog leaping for a lily pad and landing squarely in the mud. According to the wise folks at Glassnode, this little green fellow has seen a deleveraging of epic proportions, with Futures Open Interest across the meme coin kingdom dropping faster than a cat in a room full of rocking chairs.
It seems that a trend has emerged among these meme coins, akin to a flock of geese deciding to take a leisurely stroll after a wild goose chase. Open interest has cooled off, and the froggy fortunes have taken a nosedive. This could mean that the leverage is being flushed out, or perhaps the sentiment has shifted faster than a politician’s promises. 🐸💔
PEPE, BONK, and WIF have all joined the ranks of the deleveraged:
📉 PEPE: -71.93% ($1.25B → $351M)
📉 BONK: -75.10% ($715M → $178M)
📉 WIF: -69.83% ($653M → $197M)These memecoins are following a pattern as predictable as a dog chasing its tail, with open interest cooling off after their speculative peaks.
— glassnode (@glassnode) February 19, 2025
Now, let me tell you, this froggy coin has seen its price drop by a staggering 42% in just a month, as if it were trying to escape a hungry alligator. The futures open interest has plunged by 71.93%, falling from a lofty $1.25 billion to a mere $351 million. Quite the fall from grace, wouldn’t you say?
The entire meme coin sector is undergoing a transformation, much like a caterpillar turning into a butterfly—if that butterfly were to suddenly realize it was just a moth. Futures open interest is contracting faster than a pair of pants after Thanksgiving dinner, and this trend is evident in other meme coins like SHIB, DOGE, WIF, and BONK.
At the height of this speculative frenzy, these meme coins were trading like hotcakes at a county fair, with volumes soaring and leveraged holdings reaching dizzying heights. But alas, recent data shows that this exuberance is cooling off quicker than a snowman in July. The substantial drop in futures open interest indicates that traders are stepping back, reducing their exposure, and flushing out excessive leverage from the market—much like a good spring cleaning.
PEPE down 42% monthly
After a stellar surge in late 2024, PEPE now finds itself facing a harsh reality, much like a child who discovers that the tooth fairy is just a myth. The token has experienced a steep 42% drop over the past month, mirroring a broader correction in the often volatile meme coin sector.
As of the latest news, PEPE was down 2.29% in the last 24 hours to $0.0000092 and down 0.09% weekly. It has steadily declined since reaching an all-time high of $0.000028 on December 9, 2024, and is now down 66.5% from that peak. PEPE has been on a downward spiral, dropping for four consecutive weeks like a rock thrown from a cliff.
Now, the bears took a breather last week, with PEPE ending the week in the green, but the drop has resumed, and PEPE is down again this week. All eyes will be on the recovery of the PEPE price beyond the daily SMA 50 at $0.00001453, as we all hold our breath to see if this little frog can leap back to glory.
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2025-02-19 19:34