Short-selling opportunity as this crypto registers high funding rates
The meme coin mania is back in the cryptocurrency market, and cryptocurrencies like PEPE show signals of being overvalued. This could foreshadow a short-selling opportunity, as suggested by increased open interest (OI) and high funding rates. Previously, the meme coin boom marked a local top, followed by a market crash that rewarded these crypto short-sellers. Should a similar pattern play out, this asset class is at the peril of suffering another hit despite positive social activity from influencers. As of this writing, PEPE has $644.85 million in open interest, ranking fifth on CoinGlass . This value represents 10% of the meme coin’s $5.98 billion market cap, trading at $0.0000142. Despite a drop of 20.34% in the $1.55 billion 24-hour volume, the market’s open interest has fallen by 6.37% on the meme coin. Picks for you These two crypto ...