- Pepe and Bonk saw historical highs in their Open Interests.
- Both memecoins have set consecutive all-time highs.
As an experienced analyst, I believe that the recent surge in Open Interest for both Pepe and Bonk is a positive sign for these meme coins. The historical highs reached by their Open Interests suggest significant cash inflows, which could lead to further price appreciation.
As a crypto investor, I’ve noticed an intriguing development with two meme coins, Pepe [PEPE] and Bonk [BONK]. The data reveals that there has been substantial buzz around these tokens lately, as evidenced by the spike in Open Interest. This suggests that both coins have seen increased trading activity and could potentially be subject to significant price movements in the near future.
However, one of these coins has garnered more interest in the past few days.
Pepe and Bonk see historical Open Interest
Based on a recent update from Coinglass, there has been a rise in open positions for the perpetual contracts of Pepe and Bonk over the last several weeks.
On May 28th, the Open Interest of Pepe, as analyzed by AMBCrypto, hit a record-breaking peak of approximately $189.5 million. Yet, this amount has subsequently decreased and was roughly $180 million according to the latest updates.
As a crypto investor, I’ve noticed an exciting development with Bonk. Its open interest has been rapidly increasing, and at the moment, it stands at an all-time high of around $24.35 million.
Over the past few days, there has been a notable increase in cash flowing into meme coins, signaling a rising trend in investor enthusiasm.
As a crypto investor, I’ve noticed an intriguing shift in the market’s attention. Instead of the popular dog-themed asset, a new memecoin with a frog theme has been garnering significant buzz lately.
Pepe and Bonk’s sentiments stay positive
Another key area where these meme coins have shown similar trends is in their Funding Rates.
According to AMBCrypto’s analysis, the funding rate for Pepe reached its highest point in almost two months, sitting at around 0.0385%, indicating a positive trend.
Similarly, Bonk’s Funding Rate was also positive, at 0.0303% during press time.
As a crypto investor, I’ve noticed that both meme coins have been seeing greater demand from buyers than sellers at the current moment based on the available metrics.
As a researcher studying the behavior of meme coin traders, I’ve observed a widespread conviction that the prices of these digital assets will persistently climb higher. Consequently, this belief has resulted in an overwhelming presence of buyers in the market.
How PEPE and BONK have trended
Recently, Pepe’s price according to AMBCrypto’s analysis on a daily basis hit new peak prices. Yet, within the past 24 hours, there has been a shift in its trend.
On the 28th of March, the price fell by 4.25 percent, and as of the press cut-off, it had declined by more than 4 percent, hovering around $0.000015.
As a researcher observing the market trends, I’ve noticed a decrease in Pepe’s price action recently. However, despite this decline, its Relative Strength Index (RSI) hovered slightly below the 70 mark, signaling that it had just dipped out of the overbought zone.
In contrast, Bonk’s chart showed that it is attempting to set a new all-time high.
At present, the price was advancing by a minimal amount of approximately 0.6% or about $0.000041. Should this upward momentum persist, it would signify the third successive day with a new all-time high (ATH).
At the point of penning down, Bonk was experiencing a robust upward momentum, as suggested by its Relative Strength Index (RSI) showing signs of being overbought.
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2024-05-29 23:04