Pepe (PEPE), the fourth-largest memecoin by market capitalization at $1.19 billion, surged 12% in the past 24 hours. However, its 30-day performance remains flat at 0.0%. The rally’s sustainability hinges on capital flows in perpetual and spot markets. Perpetual market data shows a shift from $17 million in net outflows over the prior 15 days to a net inflow of $1.10 million, with total perpetual inflows near $84.44 million. Open Interest rose 8.18% to $219.23 million. Spot demand lagged, with net sales of $2.65 million recorded between August 18 and 19, though the latest 24-hour net accumulation reached $660,170.
Pepe (PEPE), the fourth most valuable memecoin with a market capitalization of $1.19 billion, recorded a 12% gain in the past 24 hours. The asset has struggled for weeks, with its 30-day performance neutral at 0.0%.
The perpetual market may determine whether PEPE sustains its rally. Prior to the 24-hour move, capital had been flowing out of perpetuals, totaling $17 million in outflows over 15 days, indicating bearish sentiment.
That sentiment has reversed. Net inflow rose to $1.10 million following total perpetual inflows of roughly $84.44 million. Open Interest aligned, climbing 8.18% to $219.23 million as leveraged capital and funding rates suggest anticipation of a rally.
Spot market demand has not fully matched the perpetual market. Between August 18 and 19, net sales of PEPE reached approximately $2.65 million, with $2.31 million sold on August 19 alone, representing 87% of total sales.
In the past 24 hours, net accumulation reached roughly $660,170. This buying activity is ongoing, but capital accumulation must grow to cover the net sales from the prior two days. If spot flow continues to surge at this scale, it would imply strong bullish sentiment among investors.
The liquidation heatmap shows no major level at current prices. The one-month heatmap indicates traders have already filled most sell orders near the current level. The next clear liquidity cluster is around $0.0000026, where buy orders lie, but depth at that level is minimal, limiting its price pull. Without a cluster above, the market relies on momentum-driven rally and trader direction bias until new cluster levels form.
