The broader market’s “Uptober” reality is changing to “Rektober” as market liquidation tops $540 million. PEPE is in the spotlight in the meme coin world despite its price falling by more than 12% in 24 hours to $0.000009588. While this metric points to a major drawdown, investors have found solace in the Open Interest (OI) figures, per CoinGlass data.
Lower the PEPE price, the better
PEPE investors are hyped about the coin, as the price drawdown appears to be fueling new accumulation trends. As of the time of writing, the PEPE 24-hour OI is up by 14%, with a total of 12.2 trillion tokens wagered.
Though this indicator is highly volatile, it underscores how investors consider the price slump a major discount for buying PEPE. The token has a historically high chance of growth as it has outperformed some of its peers over the past few months.
Despite the recent price drawdown, the token has maintained 13.71% growth over the past seven days. This growth rate compares with the 9% uptick that its closest rival, Shiba Inu, has recorded within the same period. The attractiveness of PEPE in the long term is a major selling point, one that investors are leveraging, as displayed by the Open Interest uptick.
Other PEPE metrics to watch
Most performance metrics are mixed at a time of intense volatility on the market. However, for PEPE, IntoTheBlock data shows that the total number of Daily Active Addresses has jumped by 9.51% to 3,380 overnight.
This metric is valid for judging the overall sentiment in the ecosystem. Given the time required to make the best-performing meme coin practical again, these metrics are essential to retaining investors’ interest.
