PEPE Struggles to Regain Footing Amid Subdued Market Sentiment

PEPE, a prominent meme coin in the cryptocurrency market, struggled to regain its footing after recording a 10% loss in the preceding week. The token declined by nearly 1% on Monday and continues to face subdued overall market sentiment, limiting potential for significant price rebound.

The derivatives data show mixed signals: Open Interest dropped by over 5% in the past 24 hours, indicating reduced exposure among participants. However, long liquidations surpassed short liquidations, suggesting that recent price volatility hurt bullish traders more severely.

PEPE's funding rate rose to 0.0098%, up from -0.0100% the previous day, indicating mounting demand for bullish exposure. Yet, this increase has not yet led to a broader resurgence in Open Interest, signaling tepid conviction among market participants.