Pepe Coin has recently grabbed the spotlight in the world of cryptocurrency, especially among altcoin enthusiasts, thanks to a remarkable surge in its price. The frog-themed altcoin, Pepe (PEPE), has seen a surge of attention and speculation regarding its future trajectory, with many investors eyeing potential new highs.
The surge in interest surrounding PEPE can be attributed to several factors, with one of the main drivers being the expanded support from major U.S.-based cryptocurrency exchange Coinbase. By introducing PEPE perpetual futures contracts, Coinbase has extended access to the altcoin for investors worldwide, triggering a significant price increase. Despite some technical hiccups delaying the launch of perpetual futures, PEPE still managed to soar by approximately 50% once trading began.
Additionally, on-chain data has revealed significant accumulations of PEPE by whales and a market maker, further fueling optimism. Market maker Amber Group's substantial purchases from Binance and a cryptocurrency whale's significant acquisitions have instilled confidence in PEPE's future, adding to the positive sentiment surrounding the altcoin.
Furthermore, derivative data from Coinglass corroborates the observed uptrend in PEPE, with increasing open interest, derivative volume, and a surge in new capital flowing into the market. These indicators reflect a growing sense of optimism and confidence among investors regarding PEPE's prospects.
As of now, PEPE is experiencing a notable surge, with a remarkable 44% increase in its price over the past week, indicating a consistent rise in buying pressure and sparking discussions about a potential bull run for the altcoin.
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