PEPE's futures open interest has plummeted to a 30-day low, dropping by 34% since the start of April, according to Coinglass. The current figure stands at $68.43 million.
The fall in PEPE's open interest mirrors a general market decline, impacting PEPE's price trajectory. CoinGecko data indicates a 4% decrease in the global cryptocurrency market capitalization over the last week alone, with leading assets like Bitcoin and Ethereum also experiencing declines.
Trading at $0.000006735 presently, PEPE's price has decreased by 16% over the past week.
Is Memecoin Season Over?
The waning hype surrounding memecoins has contributed to PEPE's daily decline since April began. On-chain data reveals a 17% decrease in the daily count of addresses involved in PEPE trades since April 1st.
New demand for PEPE has also dwindled, with a 42% decrease in the number of new addresses involved in transactions from March 31st to April 5th.
As bearish momentum grows, the profitability of daily PEPE transactions has declined. Using a seven-day moving average, AMBCrypto observed a consistent drop in the ratio of PEPE's daily transaction volume in profit to loss since March 31st.
At present, the ratio stands at 0.975, suggesting that for every PEPE transaction ending in loss, only 0.975 transactions yield profit, indicating a higher volume of loss-making transactions.