The cryptocurrency market has been abuzz with excitement as Pepe (PEPE), the popular meme coin, experienced a remarkable surge in value over the past 24 hours. According to data from various sources, PEPE’s price soared by an impressive 18.5%, reaching a trading price of $0.0000080.
TLDR
- PEPE’s price surged by 18.5% in the last 24 hours, reaching $0.0000080
- PEPE’s market cap reached $3.31 billion, making it the 37th largest cryptocurrency
- Daily trading volume increased by 62% to $1.64 billion, with 46.8% of trading occurring on Binance
- Coinbase launched the 1000PEPE-PERP perpetual futures contract for non-U.S. customers on April 23
- There was an 11% increase in whale transactions worth at least $100,000 of PEPE
This significant price increase has propelled PEPE’s market capitalization to an impressive $3.31 billion, solidifying its position as the 37th largest cryptocurrency by market cap. The surge in value has been attributed to heightened whale activity, with large investors and traders seemingly bullish on the meme coin’s prospects.
One of the key factors contributing to PEPE’s recent success is the surge in trading volume. Over the past 24 hours, the daily trading volume for PEPE skyrocketed by a staggering 62%, reaching $1.64 billion. Interestingly, nearly half (46.8%) of this trading activity, amounting to over $768 million, occurred on the popular cryptocurrency exchange Binance.
This surge in trading activity can be partially attributed to the recent launch of the 1000PEPE-PERP perpetual futures contract by Coinbase, one of the world’s largest cryptocurrency exchanges. After a brief delay due to “technical issues,” the contract was made available to non-U.S. residents on April 23, allowing traders to place limit, market, stop, and stop-limit orders on the platform.
The introduction of this futures contract has likely attracted increased interest and trading activity from institutional and professional investors, contributing to the overall bullish sentiment surrounding PEPE.
Another key factor driving PEPE’s price surge is the increased activity from whale investors. Data from Santiment, a leading market intelligence platform, revealed an 11% uptick in whale transactions involving at least $100,000 worth of PEPE in the past day. This influx of large-scale transactions, increasing from 246 to 273 unique transactions, suggests that wealthy investors are taking a keen interest in the meme coin.
Santiment’s data also highlighted an interesting trend in PEPE’s trading activity. Over the past day, a staggering 5.65 trillion PEPE tokens were deposited into cryptocurrency exchanges, while 4.87 trillion tokens were withdrawn. This net inflow of 780 billion PEPE tokens into exchanges indicates that some traders are positioning themselves for potential short-term gains, further contributing to the overall bullish sentiment.
PEPE’s Relative Strength Index (RSI) has climbed from 46 to 56 over the past 24 hours, according to Santiment. An RSI above 50 suggests that the asset may be overbought and potentially overvalued in the short term, hinting at the possibility of increased price volatility in the near future.
While the reasons behind PEPE’s meteoric rise are multifaceted, it is clear that the combination of increased whale activity, the introduction of new trading instruments, and heightened speculation has fueled the meme coin’s recent success. However, it remains to be seen whether this bullish momentum can be sustained in the long run or if PEPE’s price will experience a correction in the coming days.
