As a seasoned crypto investor with a knack for spotting opportunities in the meme coin space, I find myself intrigued by the current surge of Pepe Coin. Having witnessed the meteoric rise and fall of Dogecoin, I must admit that the crypto market never ceases to surprise me.
The meme coin market, spearheaded by Pepe Coin ($0.000023), has been experiencing a surge in bullish sentiment due to the recent excitement surrounding Dogecoin ($0.40). This shift in crypto investments, often referred to as “cash rotation,” has seen a marked increase towards altcoins. Interestingly, this uptick comes as Bitcoin (BTC) nears a significant psychological resistance level of approximately $100K, with its 24-hour volatility remaining relatively stable at 3.8%. The total market capitalization for Bitcoin stands at $1.79 trillion, while its 24-hour trading volume amounts to $130.50 billion. On the other hand, Pepe Coin’s 24-hour volatility is significantly higher at 75.7%, with a market cap of $9.54 billion and a 24-hour trading volume of $26.08 billion.
Additionally, over the last fortnight, gold prices have dropped, but investments into cryptocurrency products have noticeably increased.
Pepe Coin Hits New ATH
Since May this year, the highly regarded frog meme coin Pepe has transitioned into its price exploration stage, following a prolonged bearish consolidation. As per the most recent market statistics, Pepe’s price has skyrocketed by more than 180% over the past fortnight, peaking at an unprecedented high of approximately $0.0000243 earlier today.
On Thursday, November 14, during the early European trading hours, the mid-sized meme coin saw an impressive surge in its daily average trading volume, reaching approximately $20 billion – a significant increase of 228%. This meme coin has a total valuation that could potentially reach $10 billion.
Due to its popularity, the meme coin based on frogs, SUI, has climbed up in market rankings among layer one blockchains, boasting a market cap of $9.60 billion and a 24-hour trading volume of $3.41 billion. Its volatility stands at 12.0%. The current price of SUI is approximately $3.37.
Top Reasons the Meme Coin Surged
In the past 24 hours, the significant increase in Pepe’s price can be largely credited to its listing on two prominent U.S. exchanges. After months of anticipation, Coinbase Global Inc (NASDAQ: COIN) officially revealed on Wednesday that registered users can now trade the Pepe meme coin.
In similar fashion, Robinhood Markets Inc (NASDAQ: HOOD) disclosed that their users are now able to trade Pepe, in addition to other digital currencies. This announcement ignited a significant fear of missing out (FOMO) among Pepe traders, particularly the large ones looking to capitalize on its volatility.
Today, I’ve observed an intriguing development in the crypto market: A significant player, often referred to as a ‘whale,’ has amassed approximately 751 billion Pepe coins across various exchanges. This substantial accumulation is equivalent to around $18 million in value.
Whales continued to accumulate $PEPE after #Coinbase and #Robinhood announced the listing of $PEPE.
6 hours ago, whale “0x160f…Ab5B” withdrew 197.39B $PEPE($4.8M) from #Binance.
— Lookonchain (@lookonchain) November 14, 2024
Meanwhile, certain whale traders seem to have cashed out after the recent bullish surge, possibly planning to invest in other meme coins. As per Spot On Chain’s on-chain analysis, a massive whale with approximately $43 million in crypto profits transferred over 500 billion Pepe, equivalent to more than $11 million, into Coinbase Global today.
What’s Next?
In more recent times, a surge in popularity for meme cryptocurrencies has led to a marked rise in fear-of-missing-out (FOMO) investors. Analysts at Santiment suggest that the crypto market typically experiences a correction whenever traders try to jump on the bandwagon of an overvalued token.
😹🐶 It’s clear that meme coins have been the top performers among traders during the past week, with Dogecoin (DOGE) gaining 96%, Pepecoin (PEPE) and Wifecoin (WIF) both up by 97%, and Bonkcoin (BONK) also increasing by 67%.
From my observations over time, when an asset’s status as a hot speculation rises significantly, it often signals heightened emotions and impulsive trading, which can be a red flag. Exercise caution…
— Santiment (@santimentfeed) November 13, 2024
After spending over seven months in an oversold state, Pepe’s weekly Relative Strength Index (RSI) has shot up above 70% once more. This suggests that Pepe might not be the ideal altcoin to purchase for substantial gains in the short term.
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2024-11-14 12:07