A Jump Triggered by Whale Activity

A high-volume purchase on August 9 had an immediate impact on price. A single whale wallet bought approximately 5 million dollars’ worth of PEPE, pushing the price up by 9.5 percent in one day to 0,0000123 dollars.

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Ethereum’s Strength Flows Into PEPE

Another factor behind the rise was the strong performance on the Ethereum front. Thanks to institutional interest and growing demand, ETH climbed back above the 4,000-dollar level after eight months. This activity in Ethereum positively reflected on memecoins in its ecosystem, supporting PEPE’s momentum.

The picture is also striking in the derivatives market. Futures data shows open interest reached 720 million dollars, hitting the highest level of August. The continuation of positive funding rates indicates that investors believe prices could move higher in the near term.

The technical outlook supports this advance. The rising trendline maintained since March remains intact. Price continues to hold above the 23.6 Fibonacci retracement level and the 50-day moving average. Among analysts’ short-term targets is the 0,000014-dollar level, and if this threshold is surpassed, the year-to-date high of 0,00001625 dollars is likely to be retested.

Given the inherently high volatility of memecoins, investors should act with caution. Even so, the current data set points to a landscape where whale interest persists, the technical trend remains unbroken, and the market tailwind generated by Ethereum creates a positive near-term backdrop for PEPE.

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Pepe Coin Price to Surge 54%

With Martinez’s significant rally prediction, investors seem to be closely monitoring Pepe Coin’s performance.

On the other hand, according to the analyst, the mid-range between the price levels of $0.00000793 and $0.00000664 appears to be a critical threshold. Moreover, a positive close outside this range could trigger incredible gains for Pepe Coin’s price.

The analyst further stated that such a close could bring a potential 54% upward move for PEPE.

If Pepe Coin can somehow break above $0.00000793, it could eventually lead to the price reaching its all-time high of $0.0000122. As of the time of writing, PEPE’s ATH is $0.00001074, which occurred on March 14, 2024.

On the other hand, Coinbase International’s decision to include Pepe Coin’s perpetual futures is also planned to go live on April 18th, which could also have a positive impact on PEPE.

This can also be considered a significant milestone for the meme cryptocurrency. This move could increase liquidity and market participation by allowing investors to speculate on price movements without a time constraint.

In a reflection of the news of its listing on Coinbase International, Pepe Coin also saw a significant increase in trading volume. Accordingly, Pepe Coin’s price was observed to increase by approximately 5% at that time.

This price increase can be considered a reflection of the positive sentiment in the market towards Pepe’s increasing accessibility and trading options.

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Pepe Coin has emerged as a focal point in the cryptocurrency market with an impressive 70% increase in the price of PEPE, positioning it as one of the top-performing assets on March 4.

Binance’s Decision to Extend Support Ignites Pepe Coin Frenzy

The substantial surge in Pepe Coin ‘s price can be attributed to Binance’s decision to introduce new trading pairs on its platform. In an official statement, Binance disclosed its plans to launch several trading pairs, including PEPE/FDUSD, as part of its ongoing efforts to enhance user trading experience and expand the range of available assets.

Additionally, Binance will introduce support for other cryptocurrencies, including OM/TRY, PIXEL/USDC, STRK/USDC, THETA/TRY, and UNI/FDUSD spot trading pairs, effective from 2024-03-05 08:00 (UTC).

Binance’s move to support Pepe Coin through additional trading pairs has bolstered investor confidence and reignited interest in the meme-based cryptocurrency.

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Market Response and Future Outlook

Binance’s announcement not only propelled Pepe Coin to new heights but also generated positive momentum for other cryptocurrencies listed alongside it. Cryptocurrencies like Mantra (OM), Pixels (PIXEL), and Uniswap (UNI) also witnessed significant rallies, highlighting the broader impact of exchange listings on market sentiment.

Looking ahead, investors are closely monitoring the market dynamics surrounding Pepe Coin and its performance following the Binance listing. With the meme coin sector gaining traction and exchange support playing a pivotal role in driving price action, Pepe Coin ‘s future trajectory depends on sustained investor interest, market trends, and regulatory developments.

Pepe Coin Price Update

As of the latest update, the price of Pepe Coin has surged by 68.29% to trade at $0.000006718, while its trading volume has skyrocketed by 149.35% to $3.27 billion. Remarkably, PEPE’s price has surged by over 415% in the last seven days, with a monthly increase of around 700%.

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What is the Reason for the Volatility in PEPE Memecoin?

The memecoin, which came to the agenda with conflicts within the PEPE team and price fluctuations, continues to attract attention with the mobility of whale wallets. According to the data, Wintermute Trading, a large market-making company, has carried 8.3 trillion PEPE (worth $ 5.43 million) to central exchanges in the transfers it made today.

Also, the short wallet address belonging to the crypto whale, continues to buy large amounts of PEPE from exchanges. During the day, PEPE with a value of over $ 100,000 was transferred to centralized exchanges.

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Despite this mobility, the token is showing a particularly strong performance today. In the last 24 hours, the value of PEPE has increased by 16% and is currently trading at 0.0000006957 dollars. However, the token was not yet able to reach its previous high.

In August, a few people from the main developer team of PEPE, token, sold a large amount of tokens from multisig wallets on the grounds that they betrayed the project, according to the main team’s statement.

Particularly, the cryptocurrency exchange Binance holds $75 million PEPE tokens on behalf of its customers in cold wallets, accounting for a significant portion of the token with a total market value of $246 million. These whales might provide an answer to what might happen in PEPE in coming days.

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The statement from Pepe team has had a somewhat reassuring effect on the contract-related issues. Pepe had raised concerns among both investors and the memecoin market, primarily due to internal disputes within the team, especially related to the multisig address.

However, the announcement made in the early hours of today has helped alleviate these concerns to some extent. The team attributed the root cause of the chaos within the project to the inconsistent efforts of three individuals within the company and announced their departure from the project. With this statement, Pepe started to gain value, experiencing a 13% increase.

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Furthermore, they stated that to prevent such situations, they have reduced the required number of signatories for the multisig wallet from 8 to 2. They have placed the multisig wallet, containing a total of 10 trillion PEPE, under the management of a single signer, emphasizing that they have entrusted the wallet to trustworthy hands.

Other team members have issued a statement indicating that it has become evident that some malicious and ambitious members have been causing harm to the Pepe (PEPE) altcoin project since its inception. They highlighted that these members, who had a negative impact, are no longer part of the team, as they were found to have obstructed the project’s progress from its beginning.

A remaining team member specifically emphasized that they never held the sold tokens as intended and that they have securely preserved the remaining tokens. Additionally, they stated that PEPE‘s Twitter account is still under the team’s control and management.

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