Why Pepe Coin's price has risen tens of percent
2024-11-15
Bittime - The Pepe Coin price has surged 85% in the last 24 hours, with the market capitalization reaching billions of dollars. Find out the factors behind PEPE's price increase and whether this momentum can last!
Pepe Coin (PEPE) recently experienced a significant price spike, jumping 85% in just 24 hours and reaching a value of $0.00002243. This increase saw PEPE's market capitalization jump to $9.39 billion, catching the attention of traders and analysts in the crypto sector.
Alongside pepe's impressive price increase, the token's trading volume also shot up to $20.3 billion, an increase of around 215% in a short period of time. So, what actually drove the sharp rise in Pepe Coin's price?
Whale Activity Influences Pepe Coin's Price Surge
One of the main reasons behind Pepe Coin's price surge is the activity of “whales” or big investors. Data from Spot On Chain reveals that a large investor recently deposited approximately 52.62 billion PEPE tokens, valued at $10.03 million, on the Binance exchange.
This transaction represents a gain of $5.04 million in just one week, equivalent to 97% of his initial capital.
The whale's decision to hold PEPE shows confidence in the potential growth of the pepe coin price in the short term, prompting more investors to jump in.
However, if the whale decides to sell in large quantities, this could drastically affect the pepe price. The massive whale activity shows the high market attention to PEPE and reflects how the power of big capital can trigger a significant spike in the pepe price.
Also read: PEPE Token Breakout! Here's the Price Prediction
Effect of Listing on Coinbase on Pepe Coin Price
In addition to whale activity, the announcement from Coinbase regarding the listing of PEPE was also a major factor that triggered a surge in the price of pepe coin.
Coinbase's support for PEPE as an ERC-20 token on the Ethereum network has opened up wider access for investors to trade this token.
On November 13, Coinbase launched the PEPE-USD trading pair, which the market immediately responded to with high volumes and price increases. Shortly after this news broke, the price of pepe jumped 49% in just one day.
Coinbase also alerted users to only send PEPE transactions through the Ethereum network, which shows their seriousness in keeping PEPE transactions secure. This listing gives pepe coin more legitimacy and boosts market interest in the availability of meme tokens on major platforms.
On-Chain Data and Technical Trends Driving the Price
On-chain data shows that PEPE's large transaction volume surged in the past week, with high-value transactions increasing from 100 to over 1,020. This reflects the growing investor confidence in pepe coin.
The inflow of funds from whales increased by 104% in the past week, reaching 195% in the past month. This trend supports the view that pepe price has the potential to maintain its bullish momentum.
From a technical perspective, PEPE's Relative Strength Index (RSI) is currently above 70, indicating an overbought condition. This could trigger further buying due to the FOMO effect, but also risks a correction if traders start to secure profits.
Pepe's current price is also above its 10-day EMA and 30-day EMA, which are technical signals for bullish movement in the short term.
Can Pepe Coin Sustain its Rise?
The question that arises is whether the price of pepe coin can maintain its upward momentum. Although the current market sentiment is favorable, the overbought condition on the RSI and reliance on whale activity could bring great volatility.
This price spike was driven by external factors such as the Coinbase listing and whale activity, but investors are still advised to be cautious.
Pepe coin has the potential to continue to grow, especially with wider access on major exchanges. However, as with other memecoins, pepe's price movements can fluctuate rapidly, making it important for investors to monitor the market closely.
How to Buy Crypto on Bittime
Want to trade sell buy Bitcoins and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures every transaction is safe and fast.
Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!
Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.
Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.
