- PEPE surged over 9% in the past 24 hours, becoming the only top gainer with more than $1 billion in trading volume.
- Strong bullish sentiment from both Futures and spot traders suggests the rally could continue if accumulation trends persist.
PEPE Dominates Top Gainers with Explosive Volume Surge
Meme coin PEPE [PEPE] has emerged as the standout performer in the crypto market, recording a 9.23% price gain in the past 24 hours and surpassing $1 billion in trading volume. According to CoinMarketCap data, PEPE is not only among the top gainers but is also the only token on the list to breach the billion-dollar volume mark. This represents a staggering 46% spike in trading activity, signaling growing investor interest and renewed market confidence.
Market analysts at AMBCrypto suggest that such a combination of rising price and trading volume often precedes further gains. The surge has been fueled by a blend of spot accumulation and aggressive Futures activity, pointing to a broader bullish sentiment taking shape across the PEPE ecosystem.
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Futures Traders Bet Big on Continued Rally
Data from CoinGlass reveals a clear bullish bias among Futures traders. Over the last 24 hours, short positions lost $2.55 million, significantly outpacing the $708,000 in losses from long trades. This imbalance highlights strong conviction among bullish participants. The long-to-short ratio currently stands at 1.06, indicating that more than 51% of traders are betting on PEPE’s price continuing to rise.
Adding further weight to this sentiment, the Open Interest-Weighted Funding Rate has remained positive for three consecutive days. This consistent bullish funding environment supports the notion that PEPE’s upward trend could persist if market conditions remain favorable.
Spot Accumulation Points to Potential Supply Squeeze
It’s not just leveraged traders backing PEPE. Spot market participants have also shown strong buying interest, with long-term holders acquiring $6 million worth of PEPE and transferring it to private wallets. This behavior often precedes a supply squeeze, where increasing demand meets a shrinking circulating supply—potentially triggering another leg up in price.
If the accumulation trend holds and Futures traders continue to lean bullish, PEPE may be poised for further upside. However, with meme coins historically prone to volatility, investors should remain cautious and watch for shifts in market sentiment.