Whales Pile into PEPE as Futures Interest Surges
Pepe's price surged by 25% this week, driven by whale demand and increased futures interest. Whale transactions worth over $1 million each occurred at a rate not seen since March 16, with seven such transactions recorded on Thursday alone.
The amount of Pepe available for trading on exchanges fell to 81.30 trillion tokens from 82.75 trillion on August 12, while leading non-exchange addresses saw their combined holdings increase by 3.54 trillion tokens over the same period.
PEPE futures Open Interest climbed to a three-month high of $250 million, indicating that traders are opening new positions or adding exposure to existing contracts. However, rising Open Interest and positive funding can also increase liquidation risks if the price reverses sharply.