Pepe Coin (PEPE) has become a prominent figure in the current frenzy surrounding memecoins in the cryptocurrency market. Over the past week, PEPE has experienced an astonishing 263% price surge, with a remarkable 40% increase in the last 24 hours alone, now trading at $0.000004366. This surge in price is accompanied by a significant rise in daily trading volume, which has surged by 200% to $2.31 billion.
Joining the ranks of memecoins, PEPE, an Ethereum-based frog-themed token, has quickly risen to prominence as one of the top-performing altcoins in recent times.
The notable increase in PEPE’s market value can be attributed to a combination of fundamental factors and technical indicators. A pivotal moment occurred with the introduction of a special offer by Binance, designed to encourage the acquisition and retention of PEPE tokens. This initiative, which included complimentary tokens and enhanced returns, received a strong endorsement from Binance, attracting increased interest from investors. This strategic move not only boosted PEPE’s trading volume but also bolstered investor confidence, contributing significantly to its overall market performance.
Recent blockchain analytics from Lookonchain revealed a significant transaction involving a whale depositing nearly 2 trillion PEPE tokens into one of the world’s largest cryptocurrency exchanges. This whale, whose accumulation journey began in June 2023, realized substantial profits by depositing its PEPE holdings to Binance, highlighting the potential profitability associated with PEPE trading.
As PEPE continues its breakout above $0.000003537, it has entered a phase of price discovery, indicating the possibility of further upside potential. Despite the relative strength index (RSI) hovering around average levels, bullish momentum remains robust, suggesting the likelihood of a bullish surge in the near future. With expectations of reaching new highs along the upper resistance level, PEPE Coin (PEPE) is poised for continued growth, potentially surpassing $0.0000055.