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Pepe (PEPE) Gains 15% in Surprising Crypto Market Recovery: Details

Wed, 06/21/2023 - 11:41
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Tomiwabold Olajide
PEPE's 24-hour trading volume up 140%
Pepe (PEPE) Gains 15% in Surprising Crypto Market Recovery: Details
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Pepe (PEPE), the frog-themed meme cryptocurrency, made a positive move, surging over 15% as the cryptocurrency market made a surprising comeback.

PEPE increased from a low of $0.00000091 on June 20 to a high of $0.00000109. The recovery continued today, reaching highs of $0.00000111 before reversing slightly.

At the time of writing, PEPE was trading at $0.00000107, up 15% in the last 24 hours, according to CoinMarketCap. The frog-themed cryptocurrency was up 16% in the past week.

PEPE's 24-hour trading volume also shot up 140%, with $199 million worth of trades in that time frame. This comes as traders seek to capture gains from the recent market volatility.

The prospects of investing juggernaut BlackRock filing a U.S. Bitcoin ETF gave the cryptocurrency market a lift as traders' optimism increased. Since last Thursday, four major ETF companies — iShares, Bitwise, WisdomTree and Invesco — have submitted applications for Bitcoin ETFs.

Pepe (PEPE) Suddenly Jumps 7% as Whale Snaps up Trillions of Tokens

Some cryptocurrency analysts think that if the filing is granted, it might result in significant inflows for Bitcoin and more market rises.

Over the past 24 hours, the total market capitalization of cryptocurrencies has increased by 5.94% to $1.13 trillion. According to CoinGlass, the spike resulted in short liquidations of crypto-tracked futures totaling $162 million.

Additionally, good news for the cryptocurrency industry: EDX, a new cryptocurrency exchange, has been established with backing from Citadel Securities, Fidelity Investments and Charles Schwab.

EDX, a "noncustodial" exchange, presents itself as a marketplace where firms agree to execute trades of coins and dollars, utilizing its platform to agree on prices. It will initially allow trading in BTC, ETH, LTC and BCH.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.