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Highlights
- Whales significantly increase Pepe holdings, driving price surges and reducing supply.
- Nascent reallocates major assets to Pepe, showing strong market confidence.
- Spot ETH ETF preliminary approval sparks broader interest in blockchain asset.
Pepe Coin price has seen a notable surge in value over the past 24 hours after bullish trading activity. The popular meme coin soared above $0.000012 after the market rebound, eyeing more gains.
As of the reporting time, PEPE price hovered at $0.00001242 with a strong surge of more than 6% during the European trading hours. According to CoinMarketCap, the current market capitalization stands at $5 billion, ranking it 22nd in market cap among cryptocurrencies.
However, the trading volume has decreased by 5% to $1.7 billion, suggesting a high level of trader interest despite the lower transaction volume.
Over the past few days, Pepe coin has been trading in an ascending trend, with buying pressure mounting on the upward trajectory. Looking at the weekly chart, the meme coin has climbed from $0.0000083 to above $0.00001239, increasing over 49%, highlighting a significant surge in investor interest and market activity. This growth is underscored by a consistent rise in valuation, which has been especially noticeable in the past three days.
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Surge in Whale Accumulation in Pepe Coin Price
Pepe has recently seen a substantial price rally driven by increasing whale accumulation. Whales, or large holders of Pepe, have been aggressively expanding their stakes, betting on the coin’s long-term value.
This significant buying activity reduces the available supply, increasing scarcity, and signals to other investors that confident, well-capitalized actors are bullish on Pepe’s prospects.
Nascent(@nascentxyz) swapped $MKR positions for $PEPE and $LDO.
Nascent deposited 1,215 $MKR($3.41M) to #Binance 6 hours ago and then withdrew 141.23B $PEPE($1.57M), 281K $LDO($503K) and 3.4M $USDT from $Binance.
Nascent currently holds 608.85B $PEPE($7.49M).… pic.twitter.com/Sx1WyGFqt7
— Lookonchain (@lookonchain) July 16, 2024
Nascent, a notable entity in the crypto space, recently swapped its $MKR positions for $PEPE and $LDO. Specifically, Nascent deposited 1,215 $MKR to Binance and withdrew 141.23B $PEPE ($1.57M), 281K $LDO ($503K), and 3.4M $USDT from Binance.
Nascent holds a substantial 608.85B $PEPE, equivalent to $7.49M. This strategic reallocation by a significant player underscores the growing confidence in Pepe’s market position and potential for further appreciation.
2. ETH ETF Influence on Pepe’s Price Rally
Pepe has seen a robust increase in market interest and investor confidence following the announcement of the U.S. SEC’s “preliminary approval” for spot ETH ETFs. This has led to a broader market acceptance of blockchain-based assets, particularly those related to Ethereum.
With the potential increase in liquidity and public exposure due to Ethereum ETFs, Pepe’s price is expected to continue its upward trend as more investors see the value in its technological advancements and the broader ecosystem support.
3. Rising Open Interest in Pepe Coin Market
Pepe coin price has recently seen a surge in open interest, highlighting increased trader commitment and speculation about future price movements. This notable rise in open interest by 2% to $138 million contrasts with the decline in trading volume, which has dropped by 12% to $3 billion. This discrepancy suggests that fewer transactions occur. The ones taking place may be of higher stakes or longer-term investments.
The technical indicators for the Pepe coin show a bullish trend in its trading pattern over the 4-hour chart. The Relative Strength Index (RSI) currently stands at 64, suggesting the asset is approaching overbought territory.
The Moving Average Convergence Divergence (MACD) shows the MACD line surpassing the signal line, generally interpreted as a bullish signal for traders. This crossover indicates increasing bullish momentum and could suggest that the current upward trend might continue in the near term.
Frequently Asked Questions (FAQs)
1. What caused Pepe Coin's recent price rally?
2. How does the ETH ETF approval affect Pepe Coin?
3. What does the increase in open interest indicate about Pepe Coin?
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