Pepe has recorded a 12% price increase over a 24-hour period, bringing its market capitalization to $1.19 billion and positioning it as the fourth most valuable memecoin. Despite this recent gain, the asset's 30-day performance remained neutral at 0.0% following weeks of subdued trading.
The recent upward movement follows a shift in perpetual market sentiment. Prior to the rally, the perpetual market experienced $17 million in outflows over fifteen days, reflecting bearish sentiment among investors. However, sentiment has since turned bullish, with CoinMarketCap's price sentiment index reaching 4.89. This shift is accompanied by a total perpetual inflow of roughly $84.44 million, bringing the net inflow to $1.10 million.
Additionally, Open Interest rose 8.18% to $219.23 million, aligning with the price increase and growing alongside the funding rate.
Spot Market Lag
While perpetual markets show increased activity, spot market accumulation has yet to fully align with the perpetual momentum. Data shows that net sales of PEPE reached approximately $2.65 million between August 18th and August 19th, with the majority of these sales—$2.31 million—occurring on August 19th.
In the subsequent 24-hour period, total net accumulation reached roughly $660,170. While this indicates ongoing buying, capital accumulation remains smaller than the net sales recorded over the preceding two days.
Liquidation Map and Market Outlook
The one-month liquidation heatmap indicates that traders have largely filled sell orders around the current price level. The next liquidity cluster with buy orders is located around $0.0000026, though the depth at this level is minimal and unlikely to exert a strong pull on the price.
Without significant clusters nearby, the market currently depends on momentum and trader direction bias. Ultimately, while perpetual netflows and open interest have risen alongside the latest price increase, spot demand remains weaker than recent net sales.
