Don’t see $PEPE ’s funding rate crashing to around -0.19%/8h (about -200% annualized, absurdly extreme negative carry across the board) and assume a short squeeze is inevitable and it’s time to charge in—the spot price is still bleeding about 9% in a day, and OI is down roughly 10% too. Expensive negative carry means shorts are paying through the nose to hold on; it doesn’t confirm that bulls are attacking the order book. The price is being dumped, and positions are being closed too. Don’t interpret “shorts are paying a lot” as “time to catch the falling knife.”

Do you think this is the prelude to a short squeeze, or just deleveraging noise?

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