Pepe is in the meme coin spotlight again. Binance.US and Coinbase, two of the major cryptocurrency exchanges, have added Pepe Coin to their trading platforms. Whales have been consuming enormous amounts of the token, generating ripples. Could this momentum take the meme coin to a new all-time high? Let’s investigate.
Exchange Listings Generate Excitement
Binance.US announced on December 5 that it would allow trading of Pepe Coin against Tether (USDT). It was not long before Coinbase followed suit, adding the token to its growing memecoin list.
These listings are important because they make PEPE accessible to millions of investors. Accessibility often leads to an increase in trading volume, and this seems to be the case here.
The effects are already apparent. The price of Pepe Coin has risen by 165% in the past month; currently, its market capitalization is at $9.15 billion. These milestones are undeniable indications that the coin is not just another transient meme but is garnering significant attention within the crypto community.
Whales Place Significant Bets On Pepe
The excitement is not only in the listings. By statistics, whales have bought 337 million tokens, valued at some $7 million. Such behavior usually reflects confidence in the possibility for a token to climb.
Whales continue to accumulate $PEPE!
A whale has withdrawn 337.09B $PEPE($6.92M) from #Binance in the past 20 days.https://t.co/65vbIQd2dd pic.twitter.com/79NauAQt8V
— Lookonchain (@lookonchain) December 4, 2024
Currently trading at $0.0000217, PEPE is getting closer to its all-time high of $0.00002457. Technical indicators support this optimism: the MACD (Moving Average Convergence Divergence) shows continuous bullishness while the Relative Strength Index (RSI) is now at 62.45, indicating strong buying momentum.
These signals taken with the presence of whales suggest short-term hope for the cryptocurrency. Investor interest now turns towards the strong level of resistance at $0.000028105. Should the coin breach past that point, it will probably try for the next line of resistance, at $0.000036003.
Is A New PEPE ATH On The Way?
With all the excitement going on right now, a lot of people are interested in how the Pepe Coin could hit new heights. Its appeal has definitely grown since it was listed on several exchanges recently, and the backing of whales makes things even better. The narrative that the crypto asset could reach a new ATH is strengthened by the active participation of the community.
However, it is not completely issue-free. Like other meme coins, Pepe is vulnerable to market volatility and speculative trading. Although the trends now seem promising, the investors need to be very careful as they navigate through this fast-changing market.
The next few days will be critical as Pepe Coin approaches its ATH. It is certain that this diminutive frog-themed crypto will not be hopping out of the spotlight anytime soon, regardless of whether it bursts through resistance or consolidates further.
Featured image from DALL-E, chart from TradingView