$1000PEPE took a pretty sharp dive here: it plunged 1.17% in 15m, with volume surging to 7.68x. This wasn’t the kind of gradual bleed you usually see—it came with heavy volume. Net aggressive trading was -25%, and the buy/sell ratio was 0.60; selling pressure kept weighing on it. It broke below the lower end of the past 20 5m ranges, and it feels like a wave of stop-losses got triggered.
What’s interesting, though, is that OI is also falling: -1.70% over 15m and -1.89% over 1h, with nearly 2.7 million U in notional value wiped out. Price down + OI down doesn’t look like new shorts entering; it looks more like longs deleveraging, with positions shrinking fast. The OI anomaly percentile is 99.6%, ranking #2 across the whole pool. That means this move isn’t small, but it’s a leverage flush, not someone piling into shorts.
24h trading volume is 229M, so liquidity is still there—it’s not dead in the water. At this point, I’m watching two things: whether aggressive selling eases up, and whether OI keeps falling. If it does, a rebound may come more easily, but its staying power is questionable. I’m sitting tight for now and will see whether buyers step in by the close of this 15m candle.
What’s interesting, though, is that OI is also falling: -1.70% over 15m and -1.89% over 1h, with nearly 2.7 million U in notional value wiped out. Price down + OI down doesn’t look like new shorts entering; it looks more like longs deleveraging, with positions shrinking fast. The OI anomaly percentile is 99.6%, ranking #2 across the whole pool. That means this move isn’t small, but it’s a leverage flush, not someone piling into shorts.
24h trading volume is 229M, so liquidity is still there—it’s not dead in the water. At this point, I’m watching two things: whether aggressive selling eases up, and whether OI keeps falling. If it does, a rebound may come more easily, but its staying power is questionable. I’m sitting tight for now and will see whether buyers step in by the close of this 15m candle.
