PEPE Token Soars 50%: Market Insights and Growth Prospects
Yesterday Bitcoin's price experienced a decline, which also reflected on the broader crypto markets.
Despite the pullback, BTC quickly rebounded and is currently trading around $65,000.
Popular meme token PEPE saw some incredible gains these past few days. In just 7 days the altcoin managed to surge by 50% and is currently trading at $0.000007373, just 30% away from its all-time high set a month and a half ago.
This recent market downturn is attributed to post-Bitcoin halving volatility and liquidation issues, compounded by worsening geopolitical tensions in the Middle East. Additionally, the ongoing legal battle between crypto business leader Changpaneg Zhao and US regulators, the FED’s policies and the arrest of Samourai Wallet founders on money laundering charges, have further exacerbated the situation.
Not only did the cryptocurrency quickly rebound amidst these challenges, most meme tokens remain relatively resilient, with investors turning to them for short-term gains.
PEPE, being among the favored meme coins, has historically rebounded from bearish scenarios. Crypto analysts like Captain Faibik believe that PEPE could surge to a new ATH due to bullish flag patterns.
$PEPE is showing a clear bullish flag pattern breakout, indicating potential for breaking all-time highs. 🚀
Source: CryptoCove pic.twitter.com/KXrNhMliXV
— Bitcoinsensus (@Bitcoinsensus) April 25, 2024
Moreover, recent increases in whale activity, with an 11% surge in transactions exceeding $100,000, indicate growing interest in the token.
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On April 22, Coinbase announced the launch of PEPE perpetual futures on its platform, contributing to its previous surge. Initially planned for April 11, technical issues delayed the listing until April 23. This addition has expanded PEPE’s market and catered to increased demand following its impressive performance in March.
Our 1000PEPE-PERP market is now in full-trading mode on Coinbase International Exchange and Coinbase Advanced. Limit, market, stop, and stop limit orders are all now available. pic.twitter.com/hO32wARVFu
— Coinbase International Exchange 🛡️ (@CoinbaseIntExch) April 23, 2024
Despite recent market challenges, there are optimistic signs for PEPE’s potential to reach its ATH target. A bullish push from the crypto market could reignite momentum similar to the previous month, potentially propelling PEPE above its ATH within the next few weeks.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
