The Frog-Themed Meme Coin PEPE Surges By 11% in 24 Hours, Outpaces Competition
The popular frog-themed meme coin known as PEPE has experienced a remarkable surge of 11% in the last 24 hours, surpassing other leading meme assets by a significant margin.
While Dogecoin (DOGE) and Shiba Inu (SHIB) have seen modest gains of 3% and 1% respectively, PEPE has outshined them all with double-digit growth, hinting at a potential extension of its impressive rally.
Whale Activity Boosts PEPE’s Momentum
The recent rally of PEPE can be attributed to a notable trend of large whale acquisitions, which have fueled a surge in demand and positive market sentiment for the meme coin.
According to a post dated March 12 on X, on-chain investigator Lookonchain highlighted that three whale wallets recently acquired a total of 689.79 billion PEPE, amounting to approximately $5 million based on current market prices. These funds were sourced from Tornado Cash.
Among the buyers, wallet 0x7A7D stood out by investing 1,413.4 ETH ($2.72 million) for 437.7 billion PEPE. Additionally, wallets 0x9212 and 0x7779 purchased 158.58 billion PEPE ($1 million) and 93.51 billion PEPE ($574,000) respectively.
This significant transaction not only triggered speculation about the origin of the funds but also reignited fresh interest in the meme coin, leading to a substantial increase in its price and daily trading volume. In the past 24 hours alone, the trading volume has surged by 18%, reaching a total of $1.05 billion at the time of writing.
Heightened Market Activity Fuels PEPE’s Potential
The simultaneous rise in price and trading volume of an asset signifies robust market demand and heightened buying activity, possibly driven by retail FOMO (fear of missing out) in the case of PEPE. This surge suggests a bullish momentum in the meme coin’s market, signaling the potential for further gains if the current trend persists.
Furthermore, in the futures market, the escalating open interest for PEPE reflects a significant influx of capital into the asset. Presently, the metric stands at $120 million, marking a remarkable 21% surge in the past 24 hours.
As the open interest of an asset increases during a price surge, it indicates a rise in market participation and capital inflow. Given favorable macro factors and bullish market sentiment, there is a strong possibility of a sustained upward trend in PEPE’s value.
PEPE Bulls Regain Strength: Positive Indicator Confirms Uptrend
In a promising development, PEPE’s Elder-Ray Index has recently returned a positive value for the first time since January 19, signaling a shift towards a bullish sentiment among investors in the altcoin.
The Elder-Ray Index evaluates the balance of power between bulls and bears in the market by analyzing the relationship between an asset’s price and a moving average.
A positive value in the Index suggests that bulls are dominating the market, indicating a potential uptrend and further price appreciation. If this trend persists, PEPE’s price could aim for $0.0000083.
Conversely, if buying activity wanes, PEPE might breach the support level at $0.0000062 and descend towards $0.0000048.