At noon, checking the meme ledger—the talk of flipping market cap is back, and the price has already climbed about four points. But the ledger doesn’t look like a breakout: funding is at the ceiling, while coin-margined money is flowing out.
$PEPE: up about 4.4% in a day / about 4.2% in a week, currently around 0.00000538. Weekly high: around 0.00000562; down about 4.2% from there. The account long/short ratio is around 1.57 (about 61% long; roughly a day ago it was around 1.71 / 63%—longs are backing off). Funding is at the ceiling, around +0.010%/8h—rent is being paid. Coin-margined OI is down about 3.4% over the past day. Price is climbing, longs aren’t crowding in and are still backing off, funding is at the ceiling, and coin-margined money is flowing out—don’t take 0.00000538 as proof that the market-cap flip confirms a meme rotation, let alone that the breakout is already complete.
Meanwhile, $DOGE is down about 1.6% in a day and about 11.5% in a week, currently around 0.0684. Weekly high: around 0.0778; down about 12.2% from there. Longs account for about 83% (long/short ratio around 4.83; roughly a day ago it was around 4.60 / 82%—almost no change). Funding is around +0.0017%/8h, and OI is nearly unchanged, up around 0.4%. Price is still down in its weekly hole, longs are pinned at around 83%, and not much money has been added.
On one side, there’s fevered talk of a market-cap flip, with funding still at the ceiling and coin-margined money running; on the other, an old-school meme coin is stuck in a weekly hole, with longs pinned at 83%. Is this a meme rotation, or is the narrative running ahead of the ledger? Drop a counterexample in the comments.
$PEPE: up about 4.4% in a day / about 4.2% in a week, currently around 0.00000538. Weekly high: around 0.00000562; down about 4.2% from there. The account long/short ratio is around 1.57 (about 61% long; roughly a day ago it was around 1.71 / 63%—longs are backing off). Funding is at the ceiling, around +0.010%/8h—rent is being paid. Coin-margined OI is down about 3.4% over the past day. Price is climbing, longs aren’t crowding in and are still backing off, funding is at the ceiling, and coin-margined money is flowing out—don’t take 0.00000538 as proof that the market-cap flip confirms a meme rotation, let alone that the breakout is already complete.
Meanwhile, $DOGE is down about 1.6% in a day and about 11.5% in a week, currently around 0.0684. Weekly high: around 0.0778; down about 12.2% from there. Longs account for about 83% (long/short ratio around 4.83; roughly a day ago it was around 4.60 / 82%—almost no change). Funding is around +0.0017%/8h, and OI is nearly unchanged, up around 0.4%. Price is still down in its weekly hole, longs are pinned at around 83%, and not much money has been added.
On one side, there’s fevered talk of a market-cap flip, with funding still at the ceiling and coin-margined money running; on the other, an old-school meme coin is stuck in a weekly hole, with longs pinned at 83%. Is this a meme rotation, or is the narrative running ahead of the ledger? Drop a counterexample in the comments.
