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Pepe Coin (PEPE) experienced a significant value increase in the last 24 hours due to bullish trading activities. The popular memecoin recently surpassed $0.000012 and seems to be aiming for further gains following the market recovery.
PEPE Chart
At the time of this report, PEPE is trading at $0.00001242 with a significant increase of over 26% in the last 24 hours. CoinMarketCap shows Pepe Coin’s market value at $5 billion, positioning it as the 22nd largest cryptocurrency by market cap. Despite the price increase, trading volume decreased by 5% to $1.7 billion, indicating continued investor interest even with reduced trading volume.
Overall, Pepe Coin has been on an upward trend for the past few days, with buying pressure increasing as the price rises. Over the past week, it has impressively risen from $0.0000083 to over $0.00001239, marking an increase of over 49%. This rise highlights the growing investor interest and increased market activity, especially in the last three days, as the altcoin’s value continues to rise steadily.
Key Drivers Behind PEPE’s Price Increase
One of the main factors behind PEPE’s recent price increase is the rise in whale accumulation. Large Pepe investors, known as whales, are increasing their stakes as a sign of their confidence in the altcoin’s long-term value. This significant buying activity reduces the current supply, increases scarcity, and indicates bullish sentiment among high-capital actors. Notably, the recent switch by the crypto organization Nascent from Maker (MKR) assets to Pepe and Lido (LDO) is the most apparent indicator of this trend.
According to recent on-chain data, Nascent deposited 1,215 MKR into Binance and withdrew 141.23 billion PEPE (worth $1.57 million), 281,000 LDO (worth $503,000), and 3.4 million USDT. Nascent currently holds 608.85 billion PEPE worth $7.49 million, showing significant confidence in Pepe’s potential for value appreciation.
Furthermore, PEPE appears to be influenced by the US SEC’s preliminary approval for spot Ethereum (ETH) ETFs. This development has increased market interest and investor confidence, leading to broader acceptance of blockchain-based assets, especially those related to Ethereum. As spot Ethereum ETFs potentially increase liquidity and public exposure, PEPE’s price is expected to maintain its upward trend supported by technological advancements and the broader ecosystem.
Another factor contributing to PEPE’s rise is the increase in open interest in its market. The 2% increase in open interest to $138 million indicates growing investor commitment to the altcoin and speculation about future price movements. Although this increase in open interest contrasts with the 12% drop in trading volume to $3 billion, it suggests that fewer trades are happening, but those that do involve higher stakes or longer-term investments.
Along with all these factors, technical indicators for Pepe show a bullish pattern. The Relative Strength Index (RSI) is currently at 64, indicating that the altcoin is approaching the overbought zone. Additionally, the Moving Average Convergence Divergence (MACD) shows the MACD line crossing above the signal line, which is typically interpreted as a bullish signal. This crossover indicates increasing bullish momentum, suggesting that the current upward trend may continue in the short term.
