The meme-inspired cryptocurrency PEPE has recently become a hot topic, with its market capitalization surpassing $10 billion, making headlines directly. This surge of over 22% also proves its influence in the digital asset space.
The rise of PEPE has multiple reasons, including exchange listings, large holders accumulating tokens, and overall bullish sentiment in the market.
Exchange listings boost the promotion of PEPE
PEPE has been listed on major platforms such as Binance.US, Coinbase, and Robinhood, helping it quickly expand its visibility. The support from these platforms has made it easier for more people to access this frog-themed token and for investors to purchase it.
The listing not only increased PEPE's liquidity but also sparked more interest, making it a focal point in the crypto community.
These events coincide with an overall market boom, especially after the announcement of the U.S. presidential election results, with Bitcoin prices breaking $100,000. This broader market enthusiasm has also transmitted to altcoins, providing additional momentum for meme coins like PEPE.
Whale investors played a key role in the surge of PEPE
Large investors bought the token for $1.14 billion in just one day, showing their confidence in PEPE's future. The increase in the number of wallets holding $10 million or more indicates that PEPE is shifting from small investors to large investors.
According to data from SpotonChain, in the past 30 days, the holdings of mid-to-large wallets holding between $10,000 and $10 million have increased by 120%. This accumulation is typically a signal of market trends, and the current trend shows that whales seem to be positioning themselves for long-term gains.
Bullish predictions and market dynamics
Analysts are very optimistic about PEPE's future performance. Technical indicators suggest that, driven by heightened investor interest and a favorable market environment, PEPE could rise by 254% in the next three months. Additionally, PEPE gained 13,000 new wallets last month, indicating that organic demand is driving the growth of this memecoin.
Long-term predictions are more aggressive. According to data from CoinCheckup, one forecast suggests that PEPE could rise by 1,720% in less than a year. This prediction is supported by optimistic factors such as increased inflows into Ethereum ETFs and clearer regulations.
Analysts believe that if PEPE can maintain its key support levels and break through the current resistance, it is likely to continue rising.
Currently, PEPE's price is $0.00002549, reflecting the increasing importance of meme currencies in the crypto market.
While its rapid growth is exciting, it also reminds people of the speculative nature of these assets. As PEPE solidifies its position as a top memecoin, its trajectory also showcases the volatility and unpredictability of the crypto market.