- Pepe jumps, excited by an increase of more than 5%.
- Trading volume also increased to the highest in 5 days.
Following news of the false approval of the Bitcoin (BTC) ETF, some altcoins, including Pepe, had a positive impact. Pepe revealed a favorable trend that provides a glimpse into the potential impact of BTC developments.
Pepe profits from BTC’s fake approval news.
per recent st tly Certain altcoins have since surged in response to news of the spot ETF approval, which was first posted on the SEC’s X handle (formerly Twitter).
This announcement led to an initial rise in the price of BTC, but the price later reversed when the news was confirmed to be false.
According to Santiment’s chart, Pepe has maintained its value. At the same time, BTC fell, and Ethereum and Lido were among other altcoins that benefited from the overall rise.
Source: Santiment
PEPE trends
An analysis of Pepe’s two-hour timeframe between January 9th and 10th revealed notable price movements.
Initially there was a decline on January 9th, but as the days went by the chart showed a gradual increase. This upward trend continued into early January 10th, with a two-hour gain of close to 6%.
By the end of January 9, the daily timeframe showed an increase of 0.84%. Pepe was trading with gains of more than 5% at the time of writing.
Source: Trading View
Additionally, as can be seen from the Relative Strength Index (RSI), the 2-hour time frame indicates a transition to a bullish trend.
However, over a longer period of time, Pepe has seen improvement but has not entered a fully bullish trend. Currently, RSI is close to the neutral line and could cross the neutral line if the upward trend continues.
Pepe sees more volume
Examining Pepe’s volumes for Santiment has shown a slight upward trend recently. This increase in volume indicates heightened trading activity in response to observed price changes.
Trading volume has remained below $100 for the past five days, but at the time of writing it is over $129 million.
How much is 1,10,100 PEPE worth today?
Trading volume has increased nearly 40% in the past 24 hours, according to CoinMarketCap data. Additionally, the recent price rise has boosted the market capitalization by nearly 1%.
Source: Santiment
The positive correlation between price movements and increased trading volume suggests that altcoins like Pepe could benefit from Bitcoin price movements, especially in the case of spot ETF acceptance.