PEPE dropped 12% over seven days. Today the contract is down another 7%, with the price basically “playing dead” right at the 24h low of 0.00359—however, what you really should be watching is the leverage side: open interest fell by 14% in a single day, and the system directly tags it as being in the “longs’ surrender” quadrant. You can check the account structure—whales still have 66% of their positions in longs, globally 62% is still betting on longs, and the funding rate is also still positive. The longs are still paying to hold the line.
The “surrender” only went halfway. After the 14% OI drop, the remaining longs still make up an overwhelming majority; what got cleared were only the most fragile batch, and the army of long-position holders hasn’t admitted defeat. All eight funding samples are positive—who’s paying is obvious. The longs are still funding the shorts’ bill. This isn’t what a bottom is supposed to look like.
Aggressive sell orders account for 60%, and the taker buy-side is only 40%. The price is pinned near the day’s low without any decent rebound. Big spot order flow is still absent—there’s no real cash entering to take the other side. Any “rebound” supported by leverage is just foam.
Short. This leg of PEPE’s decline isn’t finished yet; the remaining longs are the fuel. What would be the tell for me to flip long: the funding rate turns negative, shorts begin to pay, and the whale long share drops below 50% while OI stabilizes—that’s when clearing is effectively complete and turnover has finished. Until then, shorts hold.
#pepe $PEPE
The “surrender” only went halfway. After the 14% OI drop, the remaining longs still make up an overwhelming majority; what got cleared were only the most fragile batch, and the army of long-position holders hasn’t admitted defeat. All eight funding samples are positive—who’s paying is obvious. The longs are still funding the shorts’ bill. This isn’t what a bottom is supposed to look like.
Aggressive sell orders account for 60%, and the taker buy-side is only 40%. The price is pinned near the day’s low without any decent rebound. Big spot order flow is still absent—there’s no real cash entering to take the other side. Any “rebound” supported by leverage is just foam.
Short. This leg of PEPE’s decline isn’t finished yet; the remaining longs are the fuel. What would be the tell for me to flip long: the funding rate turns negative, shorts begin to pay, and the whale long share drops below 50% while OI stabilizes—that’s when clearing is effectively complete and turnover has finished. Until then, shorts hold.
#pepe $PEPE
