BITPoint Japan has announced the listing of #pepe⚡ coin, marking the first time a meme coin will be available for trading in Japan. This announcement, made on October 30, represents a significant milestone for the global adoption of meme coins.

PEPE Coin Enters the Japanese Market

BITPoint Japan is adding $PEPE coin to its offerings in three areas: spot trading, lending, and savings. The exchange is promoting this launch with various campaigns, including a buying competition. This campaign offers the chance to win PEPE tokens worth 100,000 yen for 10 lucky winners who trade tokens worth more than 10,000 yen during the event, which runs until November 27 at 3:59 PM.

Despite this significant development in the market, PEPE has recently shown weak performance.

PEPE Coin Shows Limited Upward Momentum

The PEPE token has seen a decline in price across several timeframes. Data from CoinGecko shows that PEPE dropped by 0.2% in the last 24 hours, 3.2% over the past week, and 15.1% over the past 30 days.

Technical analyst Chris McCrypto notes that while the weekly chart looked promising, PEPE’s recent performance has fallen short of expectations. Key technical indicators are sending mixed signals:

  • The MACD failed to complete a bullish crossover.

  • Both the stochastic RSI and the standard RSI recently experienced a bearish crossover.

Analyst Suggests Potential Breakout for PEPE

Another analyst, known as CryptoDoc, suggests the possibility of a support retest before a potential breakout to the upside, noting PEPE’s tendency for rapid price movements.

The listing of PEPE coin in Japan comes at a time when the token is seeking stability in the broader crypto market and trying to match the performance of other meme coins. This listing is a major step toward PEPE’s adoption, although technical indicators and recent price movements suggest caution among investors.

Significance of PEPE Coin in the Japanese Market

PEPE coin is the first meme coin to receive approval for trading on a regulated market in Japan, giving it an edge in this region.

PEPE coin is currently the third-largest meme coin by market capitalization, which is close to $3.96 billion. However, its price remains over 44% below its all-time high of $0.00001717, which it reached five months ago on May 27, 2024.

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