Pepe (PEPE) has experienced a notable surge in price within the past day, largely influenced by heightened activity from large investors.
In the last 24 hours, PEPE has seen an impressive 18.5% increase, with its current trading price at $0.0000080. This surge has propelled the meme coin’s market cap to $3.31 billion, securing its position as the 37th-largest digital asset in the market.
Furthermore, the daily trading volume of PEPE has surged by 62%, reaching $1.64 billion. Notably, a significant portion of this trading activity, accounting for 46.8%, originates from the Binance crypto exchange.
On April 11, Coinbase announced its intention to list the Pepe perpetual futures contract, initially planning for operations to commence on April 18. However, due to “technical reasons,” the launch was delayed. Following a five-day pause, Coinbase announced the availability of the 1000PEPE-PERP contract for non-U.S. residents on April 23.
According to data provided by Santiment, there has been an 11% increase in whale transactions involving at least $100,000 worth of PEPE in the past day, totaling 273 unique transactions, up from 246.
The meme coin’s Relative Strength Index (RSI) has also seen an uptick, rising from 46 to 56 within the last 24 hours, as per Santiment. This suggests that PEPE may be slightly overheated and overvalued at its current price, potentially indicating a moderate increase in price volatility.
An RSI below 50 could indicate favorable conditions for a further price rally.
Market intelligence from Santiment further reveals increased exchange activity for Pepe. Over the past 24 hours, 5.65 trillion PEPE tokens have entered exchanges, while 4.87 trillion coins have flowed out. The net inflow of 780 billion PEPE tokens into exchanges suggests that some investors may be seeking short-term profits in anticipation of future market movements.
