PepeCoin (PEPE) gains 18% as Arthur Hayes shifts focus to meme coins
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- 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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Arthur Hayes(@CryptoHayes) is calling for #MEMEcoins $MOTHER, $MOG and $PEPE! On-chain data shows that he withdrew 24.39B $PEPE($252.68K) from #Binance 20 minutes ago. Address: 0x6cd66dbdfe289ab83d7311b668ada83a12447e21
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.
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.
The average return for Bitcoin in October is 22.90% If we see a 22% pump from current prices, it would take $BTC to $79,000. If that happens, Bitcoin would not only break its previous ATH, but also key resistance levels to set the stage for a parabolic move in November.
PEPE’s performance
Copy link to sectionThe 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.
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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