PEPE retraces to April 2024 support as OI jumps 15% and funding turns negative

According to CoinMarketCap, the memecoin sector has shed nearly $8 billion in 2026, with PEPE down 47% over the period and 40% this month. AMBCrypto notes PEPE has revisited its early April 2024 support near $0.0000035, while Open Interest rose 15% to $221 million and funding flipped negative, a backdrop that could fuel a short squeeze toward $0.0000065.