The meme-based cryptocurrency PEPE has captured attention with its recent surge. In the last 24 hours, PEPE recorded a 20% increase, reaching a peak of $0.00002622. This price spike raised its market valuation to over $11 billion, positioning PEPE as the third most valuable meme coin.
Whales Contribute to the Rally
Significant purchases by whales, large investors in the cryptocurrency market, played a key role in PEPE’s recent rise. According to on-chain data, whales have been making substantial acquisitions in recent weeks, reducing the market supply and exerting upward pressure on the price. This movement has made a notable contribution to PEPE’s market performance.
Additionally, an increase in trading volume on the derivatives market has caught attention. The volume of PEPE’s derivative transactions surged by 78%, reaching $1.67 billion. During this period, open positions also saw a significant increase of 39%, totaling $368 million. These developments indicate strong investor interest and support for price movements.
Expectations: A Further 150% Increase
Cryptocurrency analyst Javon Marks expressed that “PEPE could show a 150% increase in the upcoming weeks,” suggesting that the price may rise even further. This forecast based on PEPE’s current market price is closely monitored by traders.
PEPE’s performance has reignited discussions about its competition with SHIB, which currently boasts a market value of $19 billion. The $8 billion gap is seen by some as a challenging target, but market dynamics could potentially bridge this gap.
With its latest rally, PEPE has generated significant excitement among market players and traders. The impact of market conditions on this performance in the coming weeks remains a topic of intrigue.
