Pepe Coin Surges After Binance US Listing, Boosting Bullish Momentum and Sentiment
December 5, 2024
Sixth trade
Pepe (PEPE) saw a huge surge in trading activity after its listing on Binance US, with analysts predicting further bullish momentum. The meme coin’s listing has sparked increased interest, sending the price up 10% and boosting its market cap to $8.5 billion.
Binance US Listing Stimulates Activity
The announcement of Pepe’s listing on Binance US has led to a surge in trading volume. As of now, Pepe is trading at $0.00002031, representing a 4% increase in the past 24 hours and an impressive 152.4% increase over the past 30 days. Traders have noted a strong bounce off key support levels, suggesting that the upward movement could continue.
Cryptocurrency trader Davie Satoshi highlighted the bounce off previous resistance as a positive sign for the coin, tweeting: “This should be bullish for $PEPE.”
Whale activity indicates strong interest
Whale activity around Pepe remains high. Lookonchain data reveals that a whale withdrew 337.09 billion PEPE (worth around $6.92 million) from Binance in the past 20 days. Another whale deposited 240 billion PEPE (worth around $4.95 million) into Binance, having acquired these tokens at an average price of $0.00001516. If sold at the current price, the trader would make a profit of around $1.31 million, representing a 36% return on investment.
Key Indicators and Market Trends
Despite the positive price action, IntoTheBlock data shows a 27.2% drop in large transaction volume, and the number of daily active addresses has dropped by 1%. The number of transactions over $100,000 has dropped from 975 to 539 in just one day. However, with 83% of PEPE holders currently in profit, the sentiment remains largely positive.
Pepe continues to outperform other meme coins like Shiba Inu and Dogwifhat in 24-hour trading volume, trailing only Dogecoin. Binance US has also opened deposits for Pepe, with PEPE/USDT trading scheduled to start on December 5, adding to the coin’s growing momentum.
The impact of society and social media
The Pepe community is growing in vibrancy, with enthusiasm building across social media platforms like TikTok and Reddit. On December 4, Rep. Mike Collins (R-GA) shared a Pepe frog meme, reflecting the meme coin’s growing popularity in mainstream circles. Additionally, cryptocurrency trader Plazma reported a surge in new holders, with 1,646 new PEPE holders added in a single day.
Robinhood has also taken notice, now holding 2.6% of the total PEPE supply just 20 days after the coin was listed.
looking forward
As the Pepe community and trading volume continue to grow, the future of the coin looks increasingly promising. With its upcoming listing on Binance US and high whale activity, Pepe could see further sustained upward momentum in the coming weeks.