PEPE fell from its 7-day high of 0.00388 to 0.00355, down 8%, yet the derivatives side is still a sea of longs: whale accounts are 66.5% long, position share is 70.7%, and all 8 funding-rate readings are positive. People haven’t left, but price is leaking lower — that’s the part that needs explaining most.
The answer is hidden in positioning. On a one-day basis, open interest still rose 1.94%, but price kept moving down, meaning all the new positions were piled into shorts; zooming in to 7 hours, open interest then shrank 5.3% — trapped longs are giving up, while shorts keep adding and taking profits.
Aggressive flow is even more direct: sell volume is 1.5 times buy volume, and the share of active buying dropped 12.24% over 7 hours. Whale long position share also fell 2.2 percentage points, while 61% of accounts across the network are still long and holding on — big money is quietly reducing, and retail is taking the other side. On spot, buy orders across the top 20 levels are 28% thick, but net large-order inflow is zero, so the order book is mostly for show.
I’m short here. The crowded longs haven’t been fully washed out yet, and any rebound is an opportunity to add shorts, not a ladder out of the trap. Price is likely to test below the 3-day low of 0.00344.
When do I turn bullish: spot active buying returns to above 50/50, price reclaims 0.00367 with open interest rising, or whale long share turns back up. Until one of these three signals appears, downside remains the main trend.
#pepe $PEPE
The answer is hidden in positioning. On a one-day basis, open interest still rose 1.94%, but price kept moving down, meaning all the new positions were piled into shorts; zooming in to 7 hours, open interest then shrank 5.3% — trapped longs are giving up, while shorts keep adding and taking profits.
Aggressive flow is even more direct: sell volume is 1.5 times buy volume, and the share of active buying dropped 12.24% over 7 hours. Whale long position share also fell 2.2 percentage points, while 61% of accounts across the network are still long and holding on — big money is quietly reducing, and retail is taking the other side. On spot, buy orders across the top 20 levels are 28% thick, but net large-order inflow is zero, so the order book is mostly for show.
I’m short here. The crowded longs haven’t been fully washed out yet, and any rebound is an opportunity to add shorts, not a ladder out of the trap. Price is likely to test below the 3-day low of 0.00344.
When do I turn bullish: spot active buying returns to above 50/50, price reclaims 0.00367 with open interest rising, or whale long share turns back up. Until one of these three signals appears, downside remains the main trend.
#pepe $PEPE
