- PEPE jumped 9.23% in 24 hours, leading top gainers with over $1B in trading volume.
- Futures markets show strong bullish bias with a 1.06 long-to-short ratio and rising funding rates.
- Spot traders bought $6M in PEPE, storing it in private wallets—hinting at a potential supply squeeze.
Pepe (PEPE) just ripped higher, clocking in a solid 9.23% gain over the last 24 hours. That move put it right at the top of CoinMarketCap’s daily gainers, giving the meme coin a serious boost in visibility. While plenty of tokens bounced, PEPE stood out—especially with trading volume flying past the billion-dollar mark, which is no small feat in today’s choppy market.
Interestingly, that 46% surge in volume isn’t just noise. When price and volume jump together, it’s usually a solid hint that the rally might not be over yet. AMBCrypto noted that this pump isn’t just random—it’s being fueled by both spot accumulation and derivatives action. That combo can pack a punch.
Futures Market Leans Heavily Long
Over in the Futures market, the sentiment’s just as spicy. Traders betting against PEPE lost a chunky $2.55 million, while long positions only took a mild hit—about $708K. That lopsided outcome is telling. It suggests a whole bunch of traders are leaning bullish and aren’t backing off.
The long-to-short ratio is currently sitting at 1.06, which—yeah, it’s not wild, but it is above 1. That’s enough to show bulls are still holding the upper hand. Add in three straight days of green clouds on the funding rate chart, and you’ve got clear signs the market’s leaning up, not down.
Spot Buyers Stack PEPE in Private Wallets
Away from the leverage jungle, spot traders are making quiet moves. Around $6 million worth of PEPE was scooped up by long-term holders in the last day and moved into private wallets. That kind of accumulation usually hints at one thing: conviction.
If more traders follow suit and supply tightens, we could be staring down a classic supply squeeze. And with demand seemingly on the rise, that might just push the price even higher. No guarantees in crypto, but PEPE’s definitely got some momentum going into the next few sessions.
