PEPE, the deflationary memecoin on Ethereum, reached new heights in its journey. In the early hours of May 14th, PEPE reached its new all-time high, a whopping +37500% increase from its all-time low, standing at $0.000011. Many investors have been hopeful about the token’s performance since the Bitcoin Halving as many analysts predicted an all-time high for the frog-token. PEPE ranked 23rd on CoinMarketCap and saw an increase of 26% compared to its value two weeks ago, positioning it as one of the top-performing memecoin in 2024.
Pepe coin has seen a substantial price surge along with a noticeable uptick in trading volume. Over the past day, the trading volume for PEPE hit $2.33 billion, marking a 308.92% jump compared to the day before. This increase in trading volume punctuates the rising interest among investors and the overall market buzz surrounding the memecoin.
To make things more interesting, a well-known investor named ‘Pepe Whale’ has been making big moves in the market lately. This investor recently put 250 billion PEPE tokens, worth $2.67 million, into Binance CEX. Initially purchasing 474.95 billion PEPE for a mere $1,000, the investor has now likely made a profit close to $3.6 million after their latest deposit.
On blockchain tracking platforms, it was also discovered that 250.40 billion Pepe coins changed hands within the last day, indicating activity in Pepe coin trading by savvy investors. A wallet with address 0x37 acquired 406.74 million PEPE from Binance, while another wallet with address 0x647 sold 250 billion PEPE on the same platform.
An initial purchase of 475 billion PEPE using 0.51 ETH was documented, and the owner has sold off 468 billion PEPE so far, resulting in an impressive return on investment of 2084 times. This particular wallet still retains a substantial amount of PEPE coins totaling about 7.25 billion, hinting at investor optimism regarding a potential further increase in the token’s value.
Dogecoin has also, in a similar fashion, experienced a modest rise in its value in the last two weeks. It is now traded at $0.1515 with a market cap of $21.85B. Despite this positive trend, the derivatives market for DOGE has approached a substantial $2 billion in trading volume. Both long and short traders of DOGE have taken positions, resulting in a +12.79% increase in the Open Interest rate in the last 24 hours.
According to data from CoinGlass, Open Interest has surged by +64.88% for PEPE, signaling growing trader confidence in PEPE’s future performance outlook. However, the rapid growth in open interest and trading volume for PEPE and DOGE could also lead to heightened speculative behavior, potentially leading to higher market volatility and potential corrections ahead.
Binance-based crypto analyst Ashton Similien has further predicted a price correction for the PEPE in the upcoming hours. His message to crypto investors warned about the volatility risks tied to PEPE and also mentioned the possibility of a price correction to its previous price. Another crypto analyst by the name of Crypto Radd also asked PEPE investors not to overtrade, suggesting instead that they consider gradually investing in reliable long-term assets on Platform X.
Credit: Source link
