- PEPE derivatives trading volume exceeded $5 billion, surpassing SHIB and DOGE.
- Spot trading volume shows more activity in PEPE than in SOL and XRP.
- Analysts evaluate PEPE’s newly formed inverse head and shoulders pattern.
Popular memecoin Pepe (PEPE) has exploded in popularity in both spot and derivatives markets, posting a 22% gain over the past 24 hours. This moved PEPE to 27th place in terms of global market capitalization and increased investment in the meme coin division, which has over $5 billion in derivatives trading volume.
Amid favorable events, PEPE reached an all-time high of $0.00001096 in less than an hour, cementing the annual PEPE return at 19,306.6%. PEPE derivatives trading resulted in greater volume than major meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) combined.
With PEPE trading volume in derivatives increasing 277.87%, the spot market is also booming with a trading volume of $2,842,205,639. According to this indicator, PEPE outsourced Solana (SOL), one of the most popular altcoins, with a trading volume of $2,256,019,284 over the same period.
Is PEPE about to bring another big change?
GameStop’s surging stock price on Wall Street, coupled with increased activity in the cryptocurrency market, has boosted the wealth of meme coin holders by nearly $5 billion. The notable breakout occurred as GameStop (GME) surged 74.40% in the last 24 hours. It is currently trading at $30.45 and has a market capitalization of $9.32B, a new yearly high.
Following the surge, many cryptocurrency traders have ranked PEPE as the SHIB for this bull market, hinting at a 2021 meme coin rally that has seen multiple all-time highs for the most well-known meme currency. Although there was no PEPE at the time, the return was similar to the Shiba Inu run to $0.00008616 in October 2021.
PEPE has formed an inverted head and shoulders pattern on the technical chart for the past three months. The typical head and shoulders pattern in cryptocurrencies marks the end of a bullish price trend, while inverse options predict a bearish to bullish transition.
Multiple cryptocurrency whale deposits on exchanges show surging network activity. For example, a ‘smart money’ address tagged by The Data Nerd poured 250 billion PEPE coins into Binance, initially accumulating 475 billion PEPE at 0.51 Ether (ETH) just one day after the meme coin was launched. I did.
Then multiply the gain by 2084 times sale Smart money, which purchased 468B PEPE for $3.13 million, has not lost faith in PEPE’s future growth. Further investigation by DailyCoin revealed that the whale’s self-managed cryptocurrency wallet still holds $77,831 worth of PEPE tokens after making massive profits.
On the flip side
- Judging by the selling pressure in the spot market, many traders decided to sell their PEPE holdings in the last 24 hours.
- PEPE sales of $33.93 million represent a $5.5 million imbalance between PEPE bids and completed PEPE sales.
- Of the $4.6 million cleared PEPE positions in derivatives, $1.82 million were long positions despite the 22% price increase.
Why This Matters
PEPE evolved into a coin with a strong cryptocurrency community and gained traction among major cryptocurrency exchanges, becoming the third largest meme token by market capitalization.
Check out DailyCoin’s popular cryptocurrency stories:
Uniswap CEO: Biden’s Crypto Stance Reflects Hillary’s Past Errors
Polygon (MATIC) Labs DeFi Director Joins Berachain