Pepe Coin’s price has experienced a massive surge, driven by whale investments and market sentiment. As the meme coin surged, investor optimism also rose, boosting the rally.
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Whales have significantly increased their Pepe holdings, driving prices skyrocketing and reducing supply.
Nascent's reallocation of major assets to Pepe demonstrates strong market confidence.
The preliminary approval of the spot ETH ETF has sparked widespread interest in blockchain assets.
The price of Pepe Coin has seen a significant increase over the past 24 hours following heavy trading activity. The popular meme coin surged above $0.000012 after the market rebounded, with further gains expected.
As of reporting time, the PEPE price was hovering at $0.00001242, with a strong rise of more than 6% during the European trading session. According to data, the current market value is $5 billion, ranking 22nd in market value among cryptocurrencies.
However, trading volume fell 5% to $1.7 billion, indicating that despite the lower trading volumes, trader interest remains high.
Pepe coin has been trending upwards over the past few days, with buying pressure increasing on an upward trajectory. Looking at the weekly chart, the meme coin has climbed from $0.0000083 to over $0.00001239, a gain of over 49%, highlighting a massive increase in investor interest and market activity. This growth highlights a continued rise in valuations, which has been particularly evident over the past three days.
Whales’ accumulation drives Pepe Coin price surge
Pepe’s price has surged recently, driven by whale accumulation. Whales, or large holders of Pepe, have been actively expanding their holdings, betting on the long-term value of the token.
This massive buying activity reduces the available supply, increases scarcity, and signals to other investors that confident, well-funded players are bullish on Pepe’s prospects.
Nascent, a well-known company in the cryptocurrency space, recently swapped its $MKR position for $PEPE and $LDO. Specifically, Nascent deposited 1,215 $MKR to Binance and withdrew 141.23 billion $PEPE ($1.57 million), 281,000 $LDO ($503,000), and 3.4 million $USDT from Binance.
Nascent holds $608.85 billion of $PEPE, equivalent to $7.49 billion. The strategic reallocation by key players highlights the growing confidence in Pepe’s market position and potential for further appreciation.
2. The impact of ETH ETF on Pepe’s price increase
Pepe: Market interest and investor confidence increased significantly after the U.S. Securities and Exchange Commission announced its “preliminary approval” of a spot ETH ETF. This has led to greater market acceptance of blockchain-based assets, particularly those related to Ethereum.
With the potential increase in liquidity and public exposure that an Ethereum ETF brings, Pepe’s price is expected to continue to trend upward as more investors see the value of its technological advancements and broader ecosystem support.
3. Pepe Coin market open interest continues to increase
The price of Pepe Coin has recently seen a surge in open interest, highlighting traders’ increased investment and speculation about future price movements. Open interest rose significantly by 2% to $138 million, while trading volume fell by 12% to $3.0 billion. This difference indicates a decrease in trading volume. The transactions being conducted may be high-risk or long-term investments.
Pepe coin’s technical indicators show that the trading pattern on the 4-hour chart is bullish. The Relative Strength Index (RSI) is currently at 64, which suggests that the asset is approaching the overbought territory.
Pepe Coin Price Chart
The Moving Average Convergence Divergence (MACD) means that the MACD line crosses above the signal line, which is often interpreted by traders as a bullish sign. This crossover indicates that bullish momentum is increasing and could mean that the current uptrend could continue in the short term.
