Meme Coin PEPE is still rising, recently becoming the third most popular meme coin with a market cap of $688.5 million, leaving behind FLOKI. Yesterday, the price of PEPE corrected reaching an all-time low at $0.0000008383, but after a 112% increase in value, it has hit a new all-time high of $0.000001794, believed to be due to a short squeeze, as identified by the data tracking platform Laevitas.

Funding rates were extremely negative before the short squeeze, otherwise known as payment made to keep positions open, those running short positions, or raising the bearish sentiment, had to pay those running long positions. This could be linked to the spot market being strong, although it often does the unexpected, which was reported in an AMA with CEO Changpeng Zhao of Binance.

Investors should be aware of the fact that PEPE still only has 80,000 total addresses, and when it comes to the rally, it is believed to be because of investor psychology. NewsBTC analyst Tony Sp rotor claims, 'this is what price discovery is like in crypto...there aren't really any bag holders at a loss yet looking to dump at every rally. So they just hold and hold and price go up.'

As of press time, PEPE is trading at $0.000001673 and Changpeng Zhao has stated that it is only a matter of time before PEPE is listed on Binance, where it is likely to experience a 'Binance pump'. Nevertheless, investors should bear in mind whether this could be a top signal for the meme coin.



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