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More →Pepe (PEPE) Rises 11% Daily: Further Pump or Correction on the Way?
The frog-themed meme coin has defied the latest market correction, pumping double digits today (October 23) and reaching a monthly high. Some analysts believe the price could rise further in the short term, but key factors suggest the move hasn’t been healthy and might be followed by a pullback. PEPE is one of the top-performing cryptocurrencies today and currently trades near $0.000005076. Its market capitalization has surged past $2.13 billion, making it the 50th-largest cryptocurrency and, once again, the fourth-biggest meme coin. Recall that yesterday (October 22), MemeCore (M) briefly took that position after <a href="https://cryptopotato.com/memecore-m-flips-pepe-pepe-after-pumping-25-in-a-day-details/" rel="nofollow" target="_blank">posting</a> a significant price increase. <a href="https://x.com/TokenTalk3x/status/2112826521102721179" rel="nofollow" target="_blank">According</a> to Token Talk, PEPE’s bulls have “one job right now”: push the token’s market cap above $2.21 billion. “The daily structure has improved massively from the summer lows, but resistance is resistance until proven otherwise,” the analyst added. X user Sjuul | AltCryptoGems also <a href="https://x.com/AltCryptoGems/status/2113248262987870219" rel="nofollow" target="_blank">issued</a> a bullish thesis, saying he still likes the PEPE chart, which is showing signs of “relative strength.” He believes buyers must now hold that flipped support/resistance level to trigger an additional potential pump. For his part, Crypto With Gopal <a href="https://x.com/cryptowithgopal/status/2113563112704192922" rel="nofollow" target="_blank">claimed</a> that PEPE has flashed an inverted head-and-shoulders reversal, with price pushing toward the $0.0000050-$0.0000053 neckline zone. He said a confirmed breakout could trigger a powerful recovery move and argued that bullish momentum has been building. Despite the impressive uptick, PEPE remains a meme coin, making it especially vulnerable to speculation and volatility, so a short-term correction wouldn’t be a surprise. The token’s Relative Strength Index (RSI) supports that scenario. The technical analysis tool runs from 0 to 100, where anything above 70 means that PEPE has entered overbought territory and could be headed for a pullback. Conversely, readings below 30 are typically seen as buying opportunities. Recently, the ratio exploded to 94. PEPE’s exchange netflow is also worth monitoring. Inflows have dominated outflows lately, suggesting investors have shifted from self-custody to centralized platforms, increasing immediate selling pressure. The post <a href="https://cryptopotato.com/pepe-pepe-rises-11-daily-further-pump-or-correction-on-the-way/" rel="nofollow" target="_blank">Pepe (PEPE) Rises 11% Daily: Further Pump or Correction on the Way?</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow" target="_blank">CryptoPotato</a>.
The long-short account ratio for BTC contracts is 2.17.
CoinWorld data: The BTCUSDT 4-hour long-short account ratio is 2.17, with more net long accounts than net short accounts. Compared with the same-caliber snapshot 24 hours ago, it rose by 0.0823; compared with the same-caliber snapshot 7 days ago, it rose by 0.4613.
Bloomberg: The AI boom is relying on circular financing, and investors are recalling 2008.
According to Bloomberg, the AI boom is increasingly relying on circular financing, which reminds some investors of 2008. Chipmakers and cloud computing giants are investing in or lending to AI companies, which then use those funds to purchase chips and computing power from the same companies. Recent examples include: Broadcom ($AVGO) agreeing to lend up to $42 billion to Anthropic for purchasing chips and computing hardware; Nvidia ($NVDA) has invested more than $40 billion in AI companies this year, including a $30 billion investment in OpenAI.
Peter Schiff: The bursting of the AI bubble will lead to a recession.
Benzinga reports that Peter Schiff warns a recession is imminent due to the bursting of the AI bubble, but prediction markets are not buying it.
The 4-hour trading volume ratio of SOL contracts to spot is 10.13.
CoinWorld data: Over the most recent 4 full hours, SOLUSDT perpetual contract trading volume was 10.13 times its spot trading volume. Compared with the same-metric snapshot 24 hours earlier, it rose by 4.1025; compared with the same-metric snapshot 7 days earlier, it rose by 1.78.
The 4-hour trading volume ratio of ETH contracts to spot is 13.28.
Bijie data: Over the most recent 4 complete hours, ETHUSDT perpetual contract trading volume was 13.28 times the spot trading volume. Compared with the same-caliber snapshot 24 hours earlier, it rose by 3.4221; compared with the same-caliber snapshot 7 days earlier, it fell by 0.2203.
Fidelity: Bitcoin could rise to $200,000 sooner
According to Cointelegraph, Fidelity's Zack Wainwright said that it took Bitcoin (BTC) nearly 16 years to reach $100,000, but the move to $200,000 could happen faster. He noted that Bitcoin has risen nearly 50% since its June low of about $58,000.
The 4-hour trading volume ratio of BTC contracts to spot is 13.82.
According to Bijie.com data: over the most recent 4 full hours, BTCUSDT perpetual contract trading volume was 13.82 times the spot trading volume. Compared with the same-caliber snapshot 24 hours earlier, it rose by 4.3509; compared with the same-caliber snapshot 7 days earlier, it rose by 8.0837.
Coinbase announces the resumption of futures trading
Coinbase Markets announced that the planned maintenance period has ended, and all futures and perpetual futures trading is now re-enabled.
A drone strike hit an Iranian Kurdish opposition camp in northern Iraq.
CoinWorld news, [A camp of an Iranian Kurdish opposition group in northern Iraq was attacked by a drone] Cailian Press, October 25 — On the evening of the 24th local time, a security department source in the Kurdistan Region of northern Iraq said that a drone attacked a camp of an Iranian Kurdish opposition organization northeast of Erbil, the capital of the Kurdistan Region, that evening. (CCTV News).