Golden Pig's take: After the same morning wick, $ETH still hasn't reclaimed its level, while $PEPE has already recovered completely. I'm bullish on PEPE, but only looking to enter on a pullback.
First, the numbers (Binance):
Over the past 24 hours, PEPE spot is up about 6.7%, while ETH is down about 3.7% over the same period.
During the 5 a.m. hour this morning, PEPE was pushed down to 0.00000480. It's now around 0.00000512, back above where it was before the wick.
Futures open interest was about 122 million U before the wick, fell to around 111 million U at 6 a.m., then returned to about 122 million U by 10 a.m. The leverage that got shaken out was back within five hours.
My view: The broader market is still bleeding, but money is taking refuge in large-cap memes like PEPE. That's relative strength. But leverage has rebuilt so quickly, which means plenty of people are chasing it too—and another wick wouldn't be surprising.
My approach: If it holds on a pullback around 0.00000500, I'll scale in with a small position. I'll add if it breaks above the 11/4 high of 0.00000533. If it falls below this morning's low of 0.00000480, I'll exit—no holding through it.
I haven't found any new official news. This is purely a read of the price action, so don't chase it as if it were positive news.
When the broader market is still falling but some individual memes have already recovered, how would you manage your positions?
#PEPE #Meme币 #币安 $PEPE $ETH
Data source: Public Binance spot and futures market data. DYOR; this is not investment advice.
First, the numbers (Binance):
Over the past 24 hours, PEPE spot is up about 6.7%, while ETH is down about 3.7% over the same period.
During the 5 a.m. hour this morning, PEPE was pushed down to 0.00000480. It's now around 0.00000512, back above where it was before the wick.
Futures open interest was about 122 million U before the wick, fell to around 111 million U at 6 a.m., then returned to about 122 million U by 10 a.m. The leverage that got shaken out was back within five hours.
My view: The broader market is still bleeding, but money is taking refuge in large-cap memes like PEPE. That's relative strength. But leverage has rebuilt so quickly, which means plenty of people are chasing it too—and another wick wouldn't be surprising.
My approach: If it holds on a pullback around 0.00000500, I'll scale in with a small position. I'll add if it breaks above the 11/4 high of 0.00000533. If it falls below this morning's low of 0.00000480, I'll exit—no holding through it.
I haven't found any new official news. This is purely a read of the price action, so don't chase it as if it were positive news.
When the broader market is still falling but some individual memes have already recovered, how would you manage your positions?
#PEPE #Meme币 #币安 $PEPE $ETH
Data source: Public Binance spot and futures market data. DYOR; this is not investment advice.
