The post PEPE Price is Up by 25,000% in 20 Days; Still, It May Not Be the Right Time to Buy! appeared first on Coinpedia Fintech News
The crypto space is witnessing a new era of tokens at each phase. After DeFi and NFTs, now it’s the time for new meme-coins which appear more fascinating than the popular ones such as Dogecoin, Shiba Inu, or Floki. In the last two weeks, a new coin emerged as a kingmaker in the crypto space, attracting massive attention with a 25,000% increase in just 20 days. While the bullish streak appears to be continuing, it is time to determine whether it is a good time to enter at this point.
The funding rate of PEPE, the self-proclaimed most memeable coin continues to remain negative which indicates the dominance of the bearish positions within the derivatives market.
The above chart indicates that more traders believe the prices may soon drop, and massive short positions have been opened currently. This further increases the possibility of a short squeeze, which is a rally triggered by the unwinding of huge short positions. Hence, the wealth of the sellers need to deplete in the coming days, or else the funding costs may become more painful for the bears.
As the growing negative funding rates flash massive bearish signals, one of the well-known analysts and experienced traders, commonly known as Cold Blooded Shiller, advises his 217,500 followers to withdraw all their funds from any exchanges and quit.
The analyst here says that the traders are consistently shorting and may try to push the prices by -99% and hence says to withdraw all the funds.
“Shorters will gloat when it comes down, but they missed all value,”
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