PEPE Memecoin Attracts Whale Investors as Binance.US Listing Sparks Market Interest
Third-largest memecoin in the world, Pepe (PEPE), is seeing strong market momentum as whale investors make massive transactions and the token is about to be listed on Binance.US creating much enthusiasm.
PEPE traded at press time close to $0.000021, showing a nearly 4% price increase over the preceding 24 hours. The 25% increase in trading volume of the token indicated rising investor interest.
PEPE Whale Accumulation and Market Signals
Blockchain transaction tracker Lookonchain disclosed on December 4, 2024, a significant token acquisition by a whale investor. Over the previous twenty days, the anonymous whale wallet (0x698) withdrew 337.09 billion PEPE tokens from Binance valued at $6.92 million.
This large buy aligns with a clear trend of bitcoin withdrawals. Coinglass claims that PEPE has seen a net outflow of $346.40 million from exchanges, implying high investor confidence and maybe lowered selling pressure.
Binance.US Listing of Pepe Triggers Bullish Moves
Binance.US declared that PEPE would be listed starting trading against Tether (USDT) on December 5, 2024, at 11:00 UTC. This listing follows a larger trend of US crypto exchanges extending memecoin offers, maybe motivated by the expected crypto-friendly policies of the incoming presidential team.
PEPE/USD Technical Analysis and Price Outlook
Technical analysts see PEPE’s short-term future bright. On daily charts, the memecoin has created a bullish flag-and-pole pattern with possible for notable price increase.
Key technical indicators suggest:
- If PEPE closes a daily candle above $0.0000235, it could potentially surge 50% to reach $0.000035
- Current Relative Strength Index (RSI) stands at 60, indicating room for further price movement
- Major liquidation levels are identified at $0.00002011 (lower side) and $0.00002137 (upper side)
A Brief History of Pepe Meme Coin
Designed by Matt Furie in 2005, Pepe the Frog first became well-known on internet memes before developing into a celebrity. Though there is debate over its early internet activity, the Anti-Defamation League emphasizes that most Pepe portrayals are not biassed.
Rising an amazing 1,500% and ranking third in market capitalization, PEPE has shown outstanding performance in 2024. Reflecting significant investor excitement, its market capitalization as of December 4 approached $9 billion.
Industry’s Outlook on Memecoins
PEPE ranks third among this volatile yet fascinating market segment with the overall memecoin market capitalization topping $135 billion. The memecoin industry keeps causing controversy among crypto enthusiasts. While some bloggers like Murad Mahmudov defend their authenticity, others like Jimmy Song criticize them as speculative tools.
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