u.today
The broader market’s "Uptober" reality is changing to "Rektober" as market liquidation tops $540 million. $PEPE is in the spotlight in the meme coin world despite its price falling by more than 12% in 24 hours to $0.000009588. While this metric points to a major drawdown, investors have found solace in the Open Interest (OI) figures, per CoinGlass data.
Lower the $PEPE price, the better
$PEPE investors are hyped about the coin, as the price drawdown appears to be fueling new accumulation trends. As of the time of writing, the $PEPE 24-hour OI is up by 14%, with a total of 12.2 trillion tokens wagered.
Though this indicator is highly volatile, it underscores how investors consider the price slump a major discount for buying $PEPE. The token has a historically high chance of growth as it has outperformed some of its peers over the past few months.
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
Most performance metrics are mixed at a time of intense volatility on the market. However, for $PEPE, IntoTheBlock data shows that the total number of Daily Active Addresses has jumped by 9.51% to 3,380 overnight.
This metric is valid for judging the overall sentiment in the ecosystem. Given the time required to make the best-performing meme coin practical again, these metrics are essential to retaining investors' interest.