On Friday, the cost of Pepe coin increased due to the continuous upward trend of Bitcoin causing a rise for most meme coins, pushing the overall cryptocurrency market capitalization beyond $128 billion.
In simpler terms, the price of meme coin PEPE jumped up to $0.000020, marking its peak in ten days. This surge took place amidst a bustling trading environment, with the coin’s 24-hour trading volume hitting an all-time weekly high of $1.32 billion. Furthermore, the value of futures contracts being held open also reached a new record high of $560 million.
This week, several popular meme cryptocurrencies experienced a surge. Dogecoin (DOGE) saw an increase of 26%, whereas Dogwifhat (WIF) and Fartcoin both climbed significantly, with WIF rising more than 20% and Fartcoin skyrocketing by approximately 70%.
It seems that the main factor fueling this surge is favorable economic conditions in the U.S., with recent statistics from the Bureau of Labor Statistics indicating a decline in inflation, specifically a decrease in the core Consumer Price Index to 3.2%. This encouraging data has sparked a robust recuperation in both crypto and stock markets as bond yields decreased.
Cryptocurrencies like Pepe coin, along with others, experienced advantages due to positive speculations surrounding the upcoming Trump administration. This week, Trump hinted at favoring U.S.-based cryptocurrency initiatives when planning for a national strategic reserve by making this announcement.
A different source indicated that cryptocurrency is likely to receive significant attention in the upcoming government. Although Bitcoin stands to gain the most from these developments, lesser-known cryptos such as Pepe Coin are expected to experience positive effects as well.
Previously, Bitcoin had spiked to reach approximately $104,000 prior to Trump’s inauguration. If this trend persists, there is potential for Bitcoin to ascend to its maximum historical value of $108,000 and then potentially surpass the significant level of $110,000. Such an upswing may boost meme coins such as Pepe even more.
Pepe coin price analysis
Today’s graph indicates a significant bounce-back in the value of Pepe coins over the past few days. This surge in price occurred after the appearance of a hammer-shaped candlestick formation on Monday, which is often seen as a sign of a turnaround in cryptocurrency trading markets.
Pepe’s price has consistently stayed higher than its 100-day moving average, and it’s currently shaping up as a falling wedge chart pattern – a well-known bullish signal where two downward sloping lines gradually converge.
Consequently, it’s expected that the price of Pepe could surge, possibly touching its maximum record value of $0.00002837.
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2025-01-17 19:26