Before chasing $PEPE, take a look at this number: it’s trending at #1 on the Square, up 10% in a day. OKX futures open interest rose from about $33 million before 9 a.m. to $37.6 million—an increase of roughly 14%.

During the hour starting at 9 a.m. today, it surged nearly 7%, briefly reaching 0.00000502. It almost retested the 10/21 high of 0.00000511, but got pushed back down. It’s now hovering around 0.00000478.

The funding rate is back to +0.01%; it was still negative early yesterday morning. With both price and open interest rising, this looks more like new longs chasing the move than just shorts getting squeezed out.

If it can’t break above 0.00000511, these late-arriving longs could turn into selling pressure on the way back down. A 10% swing in a meme coin in a day is pretty common.

I wouldn’t chase it at this level. I’d wait for it to show a clear direction. If you do trade it, only use money you can afford to lose, and set a stop-loss first.

Do you think it can break above 0.00000511 this time?

#PEPE #Memecoin #Futures #加密貨幣
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