While the Pepe Coin rally has sparked speculations, it seems to have also bolstered the confidence of the investors, especially the meme coin enthusiasts.

According to CoinGlass data, Pepe Coin’s Open Interest (OI) saw a significant uptick of 7.53% to $42.94 million, reflecting a bullish market sentiment.

On the other hand, the frog-themed meme coin has witnessed a liquidation of around $2.01 million in the last 24 hours, CoinGalss data showed.

However, the potential for profit-booking could introduce volatility, influencing Pepe Coin’s future price trajectory.

Considering that, the market participants should closely monitor the market dynamics to gauge whether the current rally is sustainable or if a correction is imminent.

As of writing, the Pepe Coin price was up 5.84% to $0.00000524, while its one-day trading volume fell 17.09% to $679.79 million.

Notably, the meme coin has touched a high of $0.000005535 and a low of $0.000004885 in the last 24 hours. Besides, the PEPE Coin RSI was around 39, suggesting that the crypto is currently hovering at the neutral zone.