Overview
- PEPE has risen about 25% for the week after consecutive double-digit days that lifted it above the 50-day and 100-day exponential moving averages and put the 200-day EMA near $0.00000363 in focus.
- Perpetual markets showed heavy activity with roughly $84.44 million in total perp inflows, a net inflow near $1.10 million, Open Interest up to about $250 million, and an OI-weighted funding rate of roughly 0.0095%, which means long traders are paying a premium to hold positions.
- On-chain metrics point to whale accumulation as exchange-held supply fell from 82.75 trillion to 81.30 trillion PEPE while top non-exchange wallets rose to about 84.04 trillion, and Santiment logged seven transfers above $1 million on August 20.
- Spot demand has not fully confirmed the move, with roughly $2.65 million in net spot sales on August 18–19 even though the most recent 24 hours showed modest net spot accumulation of about $660,170.
- The combination of declining exchange liquidity, rising Open Interest, and positive funding increases the risk that a price reversal would force leveraged liquidations and produce a sharp, fast sell-off that would most affect leveraged traders and short-term holders.