PEPE whale dumps 254B tokens as bearish sentiment lingers

PepeCoin (PEPE) gains 18% as Arthur Hayes shifts focus to meme coins

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Written on Sep 27, 2024
Reading time 4 minutes
  • Ex-BitMEX CEO endorses meme cryptos after accumulating 24.39B PEPE tokens.
  • The frog-themed coin jumped over 18% amidst the developments.
  • PEPE eyes massive 90% price growth in October.

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American entrepreneur and former BitMEX CEO has been in the crypto spotlight lately due to his strategic investment moves, dumping PENDLE while accumulating Aerthir (ATH).

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Hayes caught the attention of the digital assets community today following his endorsement of meme assets PEPE, MOTHER, and MOG, stating that “it’s time for a memecoin breakout.”

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Lookonchain added that Hayes withdrew PEPE worth around $252.68K (24.39 billion tokens) from Binance.

The revelations added to PepeCoin’s ongoing recovery. The frog-themed cryptocurrency extended its daily gains by over 18% to explore $0.00001071.

MOG gained 10% in the past 24 hours, whereas Iggy Azalea’s MOTHER lost 3% on its daily chart.

MOTHER’s decline likely indicates buyer exhaustion after the meme token surged 70% and 230% in the previous week and month.

Meanwhile, the bullish stance in the broad market added to PEPE’s gains.

In this scenario you might ask is Pepe a good investment? Well, it could be as the global cryptocurrency market capitalization has jumped 2.85% in the past day to $2.31 trillion amid Bitcoin touching the $65.5k mark.

However, meme coins topped the charts as the total value of all themed cryptocurrencies jumped 17.9% in the last 24 hours to $55.6 billion, according to CoinGecko.

Moreover, a 24-hour trading volume approaching $14 billion underscores massive trader activity.

Source – CoinGecko

Analysts believe the crypto market has kick-started the “Uptober” party, forecasting continued upswings in the upcoming sessions.

The latest uptrend pushed Bitcoin beyond the local resistance of $65K.

The prevailing buyer resurgence amid improved sentiments will likely propel the cryptocurrency to $70K.

Analysts remain optimistic as bulls dominate in October. Lark Davis expects a smooth ride to $80K if BTC during the “Uptober” rallies.

PEPE’s performance

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The altcoin displays a bullish stance after climbing from a 24-hour low of $0.000009031 to $0.00001071, an 18.59% jump. One PepeCoin was worth $0.00001049 at press time, with a 55% surge in daily trading volume suggesting more upsides.

Source – Coinmarketcap

Moreover, technical indicators and on-chain metrics support the bullish narratives.

The Moving Average Divergence Convergence (MACD) has crossed the signal line to the upside on the daily chart, signaling a buyer edge.

Also, the Relative Strength Index highlights a massive upside momentum for PEPE.

The meme coin’s open interest has increased by 25% to $168.48 million (per Coinglass), reflecting positivity.

Moreover, the 24-hour Long/Short ratio of 1.076 indicates more room for uptrends.

A ratio of +0.5 and above shows most participants are holding longs, suggesting bullish sentiments within the market.

So, can PepeCoin reach $1? For now, the meme token eyes the crucial resistance market at $0.000011, beyond which it will sail to $0.000012.

With the improved broad market sentiment, Pepecoin could extend to $0.000015.

So, what is the future of PepeCoin? Experts say sustained bullishness amidst October rallies might propel the asset to $0.00002. That would translate to a 90.65% move from the current value.

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