- BitPoint Japan announced the listing of PEPE for trading, lending, and fixed investment
- Memecoin dipped by 14.4% over the past month
As a seasoned researcher who has closely followed the memecoin market, I find it fascinating to witness the latest development with PEPE being listed on BitPoint Japan. While this is certainly a significant milestone for the memecoin, its impact on the price charts remains ambiguous at present.
Jacob: BitPoint Japan lists PEPE, how did the memecoin’s price react?
In the last twelve months, meme-based cryptocurrencies have gained significant popularity. An example of this type of coin is PEPE, which has also experienced a substantial increase in usage during the same period.
Over the past year, the increase in adoption, desire, and enthusiasm directly influenced the price trajectory of the memecoin, causing it to surge by an impressive 732.09%.
Since PEPE’s popularity continues to grow, it was almost certain that BitPoint Japan would list it next, as this provides an additional chance to satisfy the increasing market demand.
BitPoint lists PEPE for trading
As per the most recent update, PEPE is now the pioneer memecoin to be listed on the Japanese market following its addition by BitPoint.
After the listing, the memecoin can be traded, borrowed, and invested (in a fixed manner) on this platform.
Participants entering Japan may expand the memecoin’s user base, leading to increased trading, which in turn fortifies its on-chain activity by boosting its overall transactional interactions.
Impact on PEPE’s price charts?
Despite the expectation of a favorable response following the positive news, the earlier downward trend seems to have continued unabated.
Currently, the value of the meme coin stands at approximately 0.000009422 USD. Over the last 24 hours, this has decreased by 1.31%. Furthermore, on a weekly basis, it dropped by 3.83%, and over the past month, it has seen a decline of 14.44%.
As a researcher, I’m observing a noticeable downward trend that appears robust. However, to influence the direction of prices on this new platform, it’s essential for real trading activities to commence.
Therefore, despite BitPoint’s entry into the market, the prevailing market conditions could set up PEPE for a decline before it attempts another uptrend.
Initially, we’ve noticed that the number of active memecoin addresses per week has dropped in the last month. The peak was around 18,700 addresses, but now it stands at approximately 13,600.
Reducing the number of participants in this ecosystem indicates a decrease in demand and waning market interest.
Moreover, there was a drop in trading activity over the last two days, going from 11.9 trillion to 9.28 trillion. This decrease followed an initial increase in activity earlier this week. This downward trend suggests a change in investor sentiment and reduced involvement in the blockchain market.
A significant decrease in on-chain transactions suggests that the present prices may be inflated and lacking a solid foundation based on underlying factors.
Realistic or not, here’s PEPE market cap in BTC’s terms
As a crypto investor, I’ve observed that even though PEPE made its way onto the Japanese exchange, it didn’t seem to significantly impact the price trends.
If the influence of the listing is significant, the memecoin may regain the $0.00001 resistance point. In this scenario, should the present trend continue, PEPE might locate its upcoming support at approximately $0.0000084.
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2024-10-31 03:20