The cryptocurrency market saw a resurgence of activity with the rally of several digital currencies, including the meme-inspired Pepe Coin which soared by 84%. This price hike marks a substantial gain from its previous trading value, signaling a renewed investor interest in this niche sector of the crypto market.
Pepe Coin’s Remarkable Two-Week Surge
Pepe Coin, also known as PEPE, has recently undergone a significant price shift that has caught the attention of crypto enthusiasts. The token’s value skyrocketed by 162% over the past two weeks, reaching a notable 10-month peak. This change is primarily attributed to market-wide psychological optimism and an uptick in Spot Bitcoin ETF investments, as well as technical patterns indicating a potential market turnaround.
The growth spurt in PEPE’s valuation is particularly evident in the last 48 hours, showcased by two prominent green candles on the daily chart. Concurrently, there’s been a rise in the Open Interest Weighted Funding Rate for PEPE, suggesting that traders are inclined to invest more in maintaining their bullish positions.
Traders Anticipate Further Gains for PEPE
The market’s bullish stance on PEPE is further evidenced by technical analysis. The token’s price has broken past critical resistance levels, hinting at a larger trend of buyer dominance. If the currency maintains its momentum above the recently surpassed resistance, PEPE could be eyeing an additional 30% increase in value, aiming for a target price that would further excite its holders.