$PEPE fell 15% in a day, leading the entire meme sector—is this a shakeout or a top? 👇
1️⃣ Market: PEPE is currently trading at around 0.00000447 on Binance Spot, down about 15% in 24 hours, after reaching an intraday high of 0.00000526. According to Phemex data, the meme sector is down about 3.8% overall in the past 24 hours. PEPE has fallen the most, while $BONK is down about 5%.
2️⃣ Longs flushed out: According to swolecharts, around $6.5 million worth of PEPE contracts were liquidated in the past 24 hours, with long positions accounting for 96%. Binance alone accounted for over 70%. CoinGlass data shows PEPE open interest down around 10%, with funding rates turning negative, meaning shorts are paying to hold their positions.
3️⃣ $DOGE is weaker: FXStreet says DOGE has fallen for seven straight weeks, reaching a three-year low, and is now trading at around 0.067. DOGE and SHIB are both down over 40% so far this year, while PEPE is down only about 7% year to date—so this looks like a catch-up decline.
4️⃣ The broader environment is chilly: U.S. spot Bitcoin ETFs have seen net outflows for five consecutive days, totaling around $1.44 billion (Farside data). BTC is currently around 73,600, down about 8% for the week. The market is waiting for Friday’s PPI data.
📌 My take: This PEPE decline came after a steady sell-off from the high of 0.00000568. Nearly all liquidations were long positions, suggesting leverage had built up too much—this is a classic deleveraging event. The good news is that trading volume didn’t surge during the drop, and shorts are starting to get crowded now that funding rates have turned negative. In the short term, watch the rising trendline around 0.0000043. If it holds, there may be a chance for a bounce. First resistance is around 0.00000477; if it holds above that, the next level to watch is the psychological 0.000005 mark. If the daily candle closes below 0.0000042, this uptrend channel will be broken, so don’t rush to buy the dip. Memes are the most sentiment-sensitive sector, so keep your position size small until BTC stabilizes.
With PEPE down to this level, are you buying the dip or waiting for confirmation at 0.0000043? Let’s discuss in the comments 👇
#PEPE #MemeCoin #币安广场
These are personal opinions only and do not constitute investment advice
1️⃣ Market: PEPE is currently trading at around 0.00000447 on Binance Spot, down about 15% in 24 hours, after reaching an intraday high of 0.00000526. According to Phemex data, the meme sector is down about 3.8% overall in the past 24 hours. PEPE has fallen the most, while $BONK is down about 5%.
2️⃣ Longs flushed out: According to swolecharts, around $6.5 million worth of PEPE contracts were liquidated in the past 24 hours, with long positions accounting for 96%. Binance alone accounted for over 70%. CoinGlass data shows PEPE open interest down around 10%, with funding rates turning negative, meaning shorts are paying to hold their positions.
3️⃣ $DOGE is weaker: FXStreet says DOGE has fallen for seven straight weeks, reaching a three-year low, and is now trading at around 0.067. DOGE and SHIB are both down over 40% so far this year, while PEPE is down only about 7% year to date—so this looks like a catch-up decline.
4️⃣ The broader environment is chilly: U.S. spot Bitcoin ETFs have seen net outflows for five consecutive days, totaling around $1.44 billion (Farside data). BTC is currently around 73,600, down about 8% for the week. The market is waiting for Friday’s PPI data.
📌 My take: This PEPE decline came after a steady sell-off from the high of 0.00000568. Nearly all liquidations were long positions, suggesting leverage had built up too much—this is a classic deleveraging event. The good news is that trading volume didn’t surge during the drop, and shorts are starting to get crowded now that funding rates have turned negative. In the short term, watch the rising trendline around 0.0000043. If it holds, there may be a chance for a bounce. First resistance is around 0.00000477; if it holds above that, the next level to watch is the psychological 0.000005 mark. If the daily candle closes below 0.0000042, this uptrend channel will be broken, so don’t rush to buy the dip. Memes are the most sentiment-sensitive sector, so keep your position size small until BTC stabilizes.
With PEPE down to this level, are you buying the dip or waiting for confirmation at 0.0000043? Let’s discuss in the comments 👇
#PEPE #MemeCoin #币安广场
These are personal opinions only and do not constitute investment advice