I watched the gain leaderboard for a while and noticed something interesting: there’s a mismatch. $PEPE ranks second; over the past day it’s gained about 20%, yet it’s also the one on the board that’s farthest from its high point—falling from 0.00000536 by nearly 7%.

TAO and FET, which are ranked right after it, have smaller gains than it does, yet their current prices are almost right up against their respective highs.

The one that surged the most first lost its momentum; the one with a smaller gain is still holding its ground. My interpretation is that the capital leading the rally is withdrawing early—this doesn’t necessarily mean the whole market is weakening. That’s just my read; I’m not taking it as a definite conclusion yet.

It’s not hard to verify: look at the volume of PEPE over the next one or two hours. During the push higher, each hourly candle could exceed 13 million USDT. But recently, the last few candles are clearly smaller, and this newly started hour is even less. If the volume can come back, the position can hold; if it can’t, the rankings on the board are just leftover remnants.