As a seasoned crypto investor with a knack for spotting trends and riding the waves, I find myself intrigued by the meteoric rise of PEPE, the Ethereum-based memecoin. Having navigated through the crypto market’s ups and downs since its inception, I can confidently say that this is one wild ride!
Pepe (PEPE), the leading Ethereum meme token by market value, is steadily recovering from where it started on November 5th. Since then, PEPE has seen a surge of around 230%, pushing its price up to an all-time peak of $0.00002597 on November 14th.
Information from CryptoMoon Markets Pro and TradingView indicates that PEE is currently valued at $0.00002093, representing a 15% increase in the past 24 hours and a significant surge of 104% over the last week.
As a researcher, I’ve noticed an impressive surge in PEPE’s trading volume over the past 24 hours, soaring by approximately 124% to reach a staggering $19.6 billion. Furthermore, its market capitalization experienced a significant leap as well, momentarily hitting a high of $10.2 billion on November 14th before readjusting to its current level of $8.8 billion.
Let’s examine the factors that have fueled PEPE’s price momentum over the last week.
PEPE price rises on Coinbase, Robinhood listing
The surge in PEPE’s value is being observed after several prominent cryptocurrency trading platforms made it available for trade. On November 13th, Robinhood Crypto announced that U.S. clients could now trade Pepe, Solana (SOL), Cardano (ADA) and XRP.
Following Robinhood’s announcement, Coinbase also revealed plans to list PEPE on November 13th. Given that Coinbase is the leading crypto exchange in the United States and ranks third globally by trading volume, this listing could potentially further boost PEPE’s value.
As a researcher, I’d like to point out that much like other major players, Upbit, the leading crypto exchange in South Korea, has recently introduced PEPE trading pairs on November 16th. This exchange is ranked fifth among the top exchanges globally by CoinMarketCap. In the past 24 hours alone, Upbit has handled a staggering trade volume of over $8.7 billion.
The listings emerged following Donald Trump’s election as the U.S. President. During his campaign, Trump had pledged to replace SEC Chair Gary Gensler, a figure who frequently took legal action against U.S. exchanges for listing speculative tokens such as PEPE, which he found questionable.
Memecoins flash green across the board
On November 14th, PEPE’s price surge resembles the bullish trends in the broader meme coin market. A significant number of cryptocurrencies within this sector have experienced double-digit growth in the past day. Notably, Dogecoin (DOGE) and Shiba Inu (SHIB), the top meme coins, have climbed by 1.2% and 2% respectively over the last 24 hours.
In the past day, the Dogwifhat token built on Solana has experienced a 30% increase in value, and the Brett token from Base has surged by 38%.
The massive surge in this popular rally has boosted the overall worth of meme coins to an impressive $116.5 billion, representing a significant 111.5% increase over the last seven days, according to figures from CoinMarketCap.
Approximately $75.7 billion worth of meme-based cryptocurrencies were traded within the last 24 hours, and this surge can be attributed to investors rekindling their interest in riskier assets such as memecoins. This renewed enthusiasm is fueled by growing optimism about a more crypto-friendly corporate climate under the Trump administration in the U.S.
Increasing open interest backs PEPE’s upside
Over the past week, Pepe’s price increase is due to a substantial rise in its trading volume (Open Interest), which has also been on the rise during the same period.
As an analyst, I find open interest to be a vital tool for gauging market sentiments and predicting potential price fluctuations. It offers crucial insights into the number of outstanding derivative contracts, helping us understand the level of engagement by traders in the market.
On November 5, PEPE’s overall Open Interest (OI) on all platforms was $108 million. By November 14, this figure had increased by a substantial 160% and reached an all-time peak of $282.2 million.
New information from CoinGlass indicates a rising interest in buying PEPE on leverage (or borrowing to buy more) in recent days, as suggested by the increasing funding rate for leveraged long positions in the futures market.
Keep in mind that the present eight-hour rate of 0.0327% equates to approximately a 0.68% cost over a seven-day period. This percentage is substantial when traders are constructing futures positions.
Raising investment amounts typically implies that futures investors are optimistic, anticipating future price growth, possibly indicating the persistence of an upward trend.
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2024-11-14 21:34