Pepecoin (PEPE), an Ethereum-based meme coin inspired by the infamous Pepe the Frog character, has experienced a jump of over 43% in its price, joining Bitcoin’s recent market rally.
PEPE's meteoric rise
Currently trading at $0.000002109, PEPE has caught the attention of traders and analysts alike with its remarkable performance. Not only has its price soared, but its trading volume has also seen a notable uptick of 377%, reaching $806 million. This surge in activity has propelled PEPE's market capitalization up by 50%, now at a substantial $884.9 million.
Surprisingly, the surge in PEPE's price trajectory has surpassed the predictions of even seasoned analysts. In January, crypto analyst Ali highlighted the potential breakout of PEPE from a descending parallel channel, indicating the possibility of reaching levels around $0.0000016 to $0.0000019. However, the current surge in PEPE's value has outpaced these forecasts, showcasing the unpredictable nature of the crypto market.
A notable milestone in PEPE's journey is its recent listing on Bitstamp, one of the oldest and most regulated centralized crypto exchanges in operation. Founded in 2011, Bitstamp boasts a robust user base of over four million customers across more than 100 countries. PEPE's listing on such a reputable exchange not only enhances its liquidity but also amplifies its exposure to a broader audience of potential investors.
Bitcoin’s influence on PEPE
While PEPE's meteoric rise is impressive in its own right, it is also occurring against the backdrop of Bitcoin's resurgence.
The leading crypto has recently surpassed the $57,000 mark, a price point unseen in over two years. Behind this rally lies growing interest from institutional investors, as evidenced by on-chain data analysis.
CryptoQuant's Ki Young Ju has pointed out the accumulation of Bitcoin by "whales," referring to large holders of the cryptocurrency. This accumulation has led to unrealized profits for these investors, highlighting Bitcoin's allure among institutional circles, and a boost to high predictions of impending growth from analysts.