As a seasoned cryptocurrency analyst with over a decade of experience in the industry, I have witnessed numerous market trends and price movements. The recent surge in Pepe’s price has caught my attention due to its significant gains and increasing popularity.
The cost of Pepe has significantly increased this week due to Bitcoin‘s rebound from its $53,700 bottom in March to above $65,000.
On July 5, the PEPE token reached a low of $0.00000767. However, since then, it has experienced a significant surge, rising by 57% to reach a price of $0.000012 on Thursday, which is its highest point since June 28th.
Analysts are bullish on Pepe price
Experts are bullish about the price trend of Pepe, as it has emerged as the most popular meme coin among traders. Recent data reveals that Pepe’s trading volume reached an impressive $1.2 billion on Thursday, outpacing Dogecoin‘s $734 million and Shiba Inu‘s $814 million.
New information from Coinglass indicates that the open interest for Pepe futures contracts has spiked to a peak not seen since June 7, amounting to $148 million. This surge is predominantly driven by trading activity on OKX and Bitget exchanges. Open interest serves as an essential indicator in forecasting potential price trends within the cryptocurrency market.
Concurrently, certain whales continue to purchase Pepe tokens despite the recent market downturn, demonstrating faith in its potential recovery. On Thursdays session alone, one such investor acquired 1.39 trillion Pepe tokens valued at approximately $16.7 million.
Whales have amassed approximately 1.39 trillion $Pepe tokens in their wallet today, which translates to around 16.7 million USD. This substantial acquisition was made through two distinct transactions. One transaction was conducted on a centralized exchange, while the other involved a related wallet.— PEPAY (🐸,🪺) backed by $PEPE (@pepaycoineth) July 18, 2024
As a seasoned cryptocurrency analyst with over a decade of experience in the field, I’ve seen my fair share of market fluctuations and trends. Lately, I’ve been closely monitoring the Pepe token, and I’m intrigued by some recent significant purchases made by two whale investors. This week alone, one investor snapped up an impressive 44.9 billion tokens, while another added 28.3 billion to their holdings.
Bitcoin price forecasts
The bullish outlook on Pepe aligns with increasing Bitcoin predictions. In a recent post on Reddit, Ki Young Ju pointed out that the inflow of stablecoins has surged, causing their market caps to reach an all-time high of over $135 billion. The expansion of stablecoin usage is a promising sign as these coins are frequently utilized for purchasing cryptocurrencies.
Based on recent reports, I’ve come across an analysis predicting that Bitcoin’s price could reach an astounding $220,000. This forecast is rooted in the anticipated end of Bitcoin miner capitulation, a trend we’ve been witnessing for weeks now.
While Bitcoin rebounded this week according to Peter Brandt, some remain pessimistic as the cryptocurrency continues to display a pattern of successively lower peaks and troughs.
The performance of Bitcoin significantly influences the value of altcoins like Pepe. This was evident this week as Bitcoin surged by 20% from its lowest price in March, leading to a substantial gain of 56% for Pepe.
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2024-07-18 17:19