- PEPE has surged in both price and trading volume in the last day, outperforming the rest of the crypto market.
- The price of PEPE hit a new all-time high of $0.00001156.
- Trading volume for PEPE spiked by 350% within 24 hours.
- Whales are buying large amounts of PEPE, indicating strong interest in its potential.
- Despite the positive trends, be aware of the risks associated with FOMO and trade with caution.
PEPE Decouples from Bitcoin in a Bullish Surge
This week, PEPE has decoupled from Bitcoin, demonstrating a significant bullish trend. Amid a generally sluggish market, this memecoin not only achieved a new all-time high but also outperformed the broader crypto market by a wide margin.
PEPE's Meteoric Rise
Riding the wave of popularity alongside other memecoins and GameStop, PEPE surged by an impressive 21% over the last 24 hours. This surge broke through its previous resistance level of $0.0000091, now trading above the psychological barrier of $0.00001.
Skyrocketing Trading Activity
According to CoinMarketCap, PEPE is currently trading around $0.00001125, after reaching an intra-day high of $0.00001156. This makes PEPE one of the best-performing crypto assets in the past day. Its trading volume spiked to a two-month peak of approximately $3.4 billion, reflecting a 350% increase and indicating frenzied interest in this memecoin.
Holder Profitability
Data from IntoTheBlock shows that about 234.72k addresses, representing roughly 99.99% of PEPE holders, are currently in profit, leaving only 20 addresses or 0.01% at a loss.
Technical Analysis and Market Outlook
From a technical standpoint, PEPE has shown strength on the daily charts. Its 25-day moving average has consistently outperformed its 99-day average, suggesting a slow and steady bullish approach. Additionally, the RSI reading above 80 indicates strong bullish control. However, there might be a wave of profit-taking or consolidation around $0.0000112 before potentially moving up to the next price target of around $0.00001430.
Whales Bet Big on PEPE
Despite PEPE's recent gains, crypto whales are still taking risks. On-chain analytics firm LookOnChain reported that one whale spent 1.86M USDC to buy 195B $PEPE, resulting in an unrealized profit of $236K. Another whale made more than $46M on $PEPE after spending only $3K, achieving a 15,718x gain from April 2023 to now.
Conclusion
PEPE's trajectory highlights the unpredictable nature of memecoins. While the outlook remains bullish, it is crucial to be aware of the risks associated with FOMO and to trade with caution.
---
Disclaimer: Voice of Crypto aims to provide accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
#pepepumping #memecoin #memecoins #Crypto2024 #cryptocurrency
