PEPE Surges 12% as Perpetual Market Turns Bullish
PEPE, the fourth most valuable memecoin, has seen a significant price rally of 12% in the past 24 hours, reaching $1.19 billion in market capitalization.
The memecoin's performance had been struggling for weeks, with its 30-day performance remaining neutral at 0.0%. However, recent data suggests that investors have become more bullish on PEPE, with CoinMarketCap's price sentiment hitting 4.89, a very bullish level.
Capital inflows into the perpetual market have increased, with a total perp inflow of roughly $84.44 million, leading to a net inflow of $1.10 million. This has been reflected in Open Interest, which has risen 8.18% to $219.23 million.
However, spot demand remains weaker, with recent net sales outweighing the latest $660,170 in net accumulation. If spot flow continues to surge at this scale, it could imply that investors are very bullish and fuel the ongoing rally.