Pepecoin (PEPE), a meme coin inspired by the iconic Pepe the Frog character and built on the Ethereum blockchain, has witnessed a significant surge of over 43% in its price, riding the wave of Bitcoin’s recent market upswing.
PEPE’s remarkable ascent Trading currently at $0.000002109, PEPE has captured the attention of traders and analysts with its impressive performance. Not only has its price skyrocketed, but its trading volume has also surged by a notable 377%, reaching $806 million. This surge in activity has propelled PEPE’s market capitalization up by 50%, now standing at a substantial $884.9 million.
What’s particularly surprising is that PEPE’s price surge has exceeded the predictions of seasoned analysts. In January, crypto analyst Ali suggested a potential breakout for PEPE from a descending parallel channel, foreseeing levels around $0.0000016 to $0.0000019. However, the current surge in PEPE’s value has surpassed these forecasts, underscoring the unpredictable nature of the crypto market.
A significant milestone in PEPE’s journey is its recent listing on Bitstamp, one of the oldest and most regulated centralized crypto exchanges globally. Established in 2011, Bitstamp boasts a robust user base of over four million customers across more than 100 countries. PEPE’s listing on this reputable exchange not only enhances its liquidity but also expands its exposure to a wider audience of potential investors.
Bitcoin’s impact on PEPE While PEPE’s impressive surge is notable on its own, it occurs amidst Bitcoin’s resurgence.
Bitcoin recently surpassed the $60K mark, marking a price level unseen in over two years. This rally is fueled by increasing interest from institutional investors, as indicated by on-chain data analysis.
CryptoQuant’s Ki Young Ju has highlighted the accumulation of Bitcoin by “whales,” referring to large holders of the cryptocurrency. This accumulation has resulted in unrealized profits for these investors, underscoring Bitcoin’s appeal within institutional circles and bolstering high predictions of imminent growth from analysts.
