Pepe Coin (PEPE) Price Shoots 260% In A Week, More Steam Left?

Pepe coin (PEPE) has been one of the major contributors to the ongoing memecoin frenzy in the market. Over the last week, the Pepe Coin (PEPE) price has surged by a staggering 263%. In the last 24 hours, PEPE has added a 40% upside to its price now trading at $0.000004366 with its daily trading volume shooting up by 200% to $2.31 billion.

PEPE Joins the Memecoin Fest

The Ethereum-based frog-themed memecoin has been one of the top-performing altcoins recently in the market.

The significant rise in PEPE’s market value can be attributed to a combination of underlying fundamentals and technical factors. A pivotal moment occurred with the introduction of a special offer by Binance aimed at incentivizing the acquisition and retention of PEPE.

This initiative provided complimentary tokens and improved returns, serving as a clear endorsement of PEPE by Binance and attracting further interest from investors. This strategic maneuver not only boosted PEPE’s trading volume but also reinforced investor trust, playing a substantial role in its overall market performance.

PEPE Coin Whale Moves

According to Lookonchain, a blockchain analytics platform, a significant move was made by a whale yesterday, depositing nearly 2 trillion PEPE tokens into one of the world’s largest cryptocurrency exchanges.

The whale’s accumulation journey began on June 7, 2023, when Pepe Coin was trading at $0.000001054. From June to December of that year, the address amassed 1.97 trillion Pepe tokens.

Approximately two months after this six-month buying spree, the whale deposited its entire PEPE holdings, valued at around $6.07 million, to Binance. As per the blockchain analytics platform, the whale reaped a profit of over $3.49 million within a matter of hours.

A smart whale deposited all 1.97T $PEPE($6.07M) to #Binance and made a profit of $3.49M.

Then he changed his position from $PEPE to $SHIB, withdrawing 75.9B $SHIB($893K) from #Binance 3 hours ago.https://t.co/X67O2VjR1y pic.twitter.com/nL7rRDZCXT

— Lookonchain (@lookonchain) February 29, 2024

More Steam Left?

Amid its recent breakout above $0.000003537, the Pepe coin has entered a price discovery phase with the possibility of further upside from here. The RSI is hovering close to average levels, yet it has consistently remained above, indicating the ongoing dominance of the bulls.

This suggests that bullish momentum remains robust and may manifest itself shortly. With the anticipated next bullish surge, the Pepe Coin (PEPE) price is likely to reach new highs along the upper resistance of the pattern, surpassing $0.0000055.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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