Pepe's Meteoric Rise Sparks Overheating Concerns
Pepe has been on an incredible run in recent weeks, gaining 61% over the past seven days and 23.9% just within the last 24 hours. This is particularly impressive when compared to its memecoin rival Dogecoin, which gained only 33% in the same period.
The spot inflows for Pepe were strong, with $8.18 million flowing into the asset on August 21st, indicating significant buying pressure. However, some analysts are warning that this could be a sign of overheating and that traders should take profits and wait for a momentum reversal.
The Open Interest behind Pepe's perpetuals has risen by over 50% in just three days, with the derivatives market showing no signs of slowing down. The spot trading volume has also been heating up, reaching 123% growth in just one day, according to CoinMarketCap data.