Pepecoin rises 70% this week ── Largest increase in meme coin | CoinDesk JAPAN | CoinDesk Japan

• Pepecoin (PEPE) outperformed other memecoins such as Shiba Inu Coin (SHIB), Floki (FLOKI) and Dogecoin (DOGE) this week as the cryptocurrency market surged.
• Pepecoin futures experienced a very large liquidation, but bearish positions still prevailed in the derivatives market.

Pepecoin (PEPE) surged more than 40% in a 24-hour period amid a market rally led by Bitcoin (BTC), with a weekly gain of over 70%.

According to CoinGecko, Pepe token trading volume has exceeded $800 million (¥112 billion), suggesting that the risk-on environment has encouraged over-investment in risky assets such as altcoins and memecoins.

The rise of Pepecoin has greatly outperformed the representative memecoins Shiba Inu Coin (SHIB), Floki (FLOKI), and Dogecoin (DOGE), despite the developers of these tokens planning to upgrade their ecosystems. However, it showed high buying interest for Pepecoin.

Over 40% up in 24 hours (TradingView)

Pepecoin futures have seen liquidations of more than $13 million. Investments in falling prices, or short positions, may have been liquidated, spurring price gains. Bitcoin and Ethereum (ETH) futures were the only futures contracts that liquidated more than Pepecoin this week.

Large liquidations can be thought of as marking sharp price action peaks or troughs.

As such, funding rates for perpetual futures linked to Pepecoin futures remain negative, indicating bearish positions predominate in the derivatives market.

Bitcoin surpassed the $30,000 mark on the 21st, amidst a series of applications for Bitcoin ETFs by major asset management companies in the United States. This seems to have fueled bullish sentiment among traders and led to an overall rally in the market.

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
｜Image: TradingView
｜ Original: Pepecoin Becomes Biggest Meme Coin Gainer With 70% Weekly Jump