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The popular altcoin, Pepe (PEPE), has recently drawn the attention of cryptocurrency investors, particularly those investing in altcoins, due to a significant price increase over the past few days. This rise has ignited discussions and speculations about the future price trajectory of the frog-themed altcoin, with many market participants predicting potential new highs.
PEPE Shows Strength with Serious Uptrend Signals
One of the key factors contributing to the current excitement around PEPE is the expanded support from leading U.S.-based cryptocurrency exchange (CEX) Coinbase. Coinbase recently initiated the trading of PEPE perpetual futures contracts on its platform, thereby opening up investor access to the altcoin for those outside the U.S. This move was a trigger for a notable price increase in PEPE, and despite a delay in the launch of perpetual futures due to technical issues, the altcoin surged by approximately 50% once trading finally commenced.
In addition to Coinbase’s support, on-chain data revealing large accumulations of PEPE by whales and a market maker supported the rise. Market maker Amber Group was purchasing large amounts of PEPE from the Binance exchange, while a cryptocurrency whale also made significant purchases, boosting optimism for the altcoin. These large-scale purchases indicate increased confidence in PEPE’s future prospects and contribute to the positive atmosphere surrounding it.
Moreover, derivative data provided by Coinglass also supports the observed uptrend in PEPE. An increase in open interest and derivative volume, along with high amounts of new capital entering the market, reflects growing investor optimism. This influx of funds highlights the increased interest and confidence among market participants in PEPE.
Current Status of the Altcoin
PEPE is currently trading with a significant rise of about 44% over the last seven days. This upward momentum indicates a consistent increase in buying pressure, leading to comments about a potential bull run for the altcoin. Such positive price movements enhance market optimism and point to PEPE’s potential to offer high returns to investors.
With the latest data, PEPE is trading at $0.000007419, experiencing a modest rise of 1.07% in the last 24 hours. Despite price fluctuations, the increase in trading volume and market value of the altcoin supports the rising expectations among investors.
