The frog-themed cryptocurrency PEPE has experienced a major drop in leveraged holdings, with its futures open interest falling by 71.93% from $1.25 billion to $351 million. This decline is part of a broader trend in the meme coin sector, where futures open interest has sharply contracted after reaching speculative peaks. The drop in open interest suggests that traders are reducing their exposure and flushing out excessive leverage from the market. PEPE's price has also declined by 42% over the past month and is down 66.5% from its all-time high. The token experienced a brief recovery but has resumed its downward trend. The focus now is on whether PEPE can recover and surpass the daily SMA 50 at $0.00001453.



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