Pepe Coin (PEPE) has witnessed a notable surge in its value over the past 24 hours, driven by bullish trading activities. The popular memecoin recently exceeded the $0.000012 mark and appears poised for further gains amid a recovering market landscape.
What Drives PEPE’s Price Increase?
As of this report, PEPE is valued at $0.00001242, marking an impressive 26% rise in the last day. According to CoinMarketCap, Pepe Coin’s market capitalization stands at $5 billion, making it the 22nd largest cryptocurrency by market cap. Despite the price hike, trading volume saw a 5% drop to $1.7 billion, suggesting sustained investor interest despite lower trading volumes.
Over recent days, Pepe Coin has been on a consistent upward trajectory, with significant buying pressure as its price ascends. Over the past week, it surged from $0.0000083 to above $0.00001239, reflecting a 49% increase. This growth underscores increasing investor interest and heightened market activity, particularly in the last three days.
Key Factors Boosting PEPE’s Value
One key driver behind PEPE’s recent value surge is the accumulation by whale investors. Large stakeholders are increasing their holdings, signaling their confidence in the altcoin’s long-term potential. This heavy buying activity reduces supply and boosts scarcity. A notable example is the crypto organization Nascent, which shifted its assets from Maker (MKR) to Pepe and Lido (LDO), highlighting this trend.
Nascent recently deposited 1,215 MKR into Binance and withdrew 141.23 billion PEPE, 281,000 LDO, and 3.4 million USDT. Currently, Nascent holds 608.85 billion PEPE, worth $7.49 million, demonstrating strong confidence in Pepe’s potential for future appreciation.
Investor Inferences
Investor interest has been further influenced by the US SEC’s preliminary approval for spot Ethereum (ETH) ETFs. This regulatory development has heightened market confidence and acceptance of blockchain-based assets like PEPE, especially those connected to Ethereum. Additional key points include:
- Whale accumulation reduces circulating supply, driving scarcity.
- Nascent’s significant shift to PEPE showcases institutional confidence.
- SEC approval for ETH ETFs enhances overall market sentiment.
- Increasing open interest points to growing investor commitment.
Conclusion
Technical indicators suggest a bullish pattern for Pepe Coin. The Relative Strength Index (RSI) is at 64, nearing the overbought zone, while the Moving Average Convergence Divergence (MACD) shows a bullish crossover, indicating increasing momentum. These signals suggest that the current upward trend in PEPE’s value may continue in the near term.