Pepe Coin Surges 180% to New ATH After Coinbase and Robinhood Listings
The meme coin sector, led by Pepe coin (#PEPE), is experiencing bullish momentum following the recent activity surrounding Dogecoin (#DOGE). A shift in crypto investments has favored altcoins as Bitcoin price (#BTC) approaches a psychological resistance level near $100K.
Gold prices have declined over the past two weeks, coinciding with increased cash inflows into crypto investment products.
Pepe Coin Hits New ATH
After a bearish phase since May, Pepe has entered its price discovery phase. Recent market data shows Pepe's price surged over 180 percent in two weeks, reaching a new all-time high of approximately $0.0000243.
The mid-cap meme coin now has a fully diluted valuation around $10 billion and reported a 228 percent increase in daily average trading volume, peaking at about $20 billion on November 14 during early European hours.
Consequently, Pepe has surpassed Sui (#SUI) in market capitalization.
Top Reasons for the Surge
The significant price increase for Pepe in the last 24 hours was primarily due to listings on two major U.S. exchanges. Coinbase Global Inc announced that Pepe is now available for trading for registered users. Similarly, Robinhood Markets Inc revealed that its customers can trade Pepe alongside other cryptocurrencies, fueling FOMO among traders, particularly whales seeking to capitalize on volatility.
A significant crypto whale accumulated 751 billion Pepe coins, valued at nearly $18 million, from various exchanges.
Whales continued to accumulate $PEPE after #Coinbase and #Robinhood announced the listing of $PEPE.
6 hours ago, whale "0x160f…Ab5B" withdrew 197.39B $PEPE($4.8M) from #Binance.https://t.co/DdOouBzeY5https://t.co/jDudCti1dh pic.twitter.com/gh5QVglzMP
— Lookonchain (@lookonchain) November 14, 2024
Some whale traders began taking profits after the bullish breakout, potentially preparing to invest in other meme coins. On-chain analysis indicated that a whale with $43 million in crypto trading profits deposited 500 billion Pepe, worth over $11 million, to Coinbase earlier today.
What’s Next?
The recent surge in meme coins has led to increased FOMO among traders. Analysts from Santiment noted that the crypto market typically corrects when traders exhibit FOMO toward overbought tokens.
😹🐶 Meme coins have undoubtedly netted the best returns over the past week for traders with DOGE (+96%), PEPE (+97%), WIF (+67%), & BONK (+67%) leading the way.
Historically high speculative asset social dominance typically indicates greed and emotional trading. Be cautious… pic.twitter.com/eya6ip8IMb
— Santiment (@santimentfeed) November 13, 2024
Pepe’s weekly Relative Strength Index (RSI) has risen above 70 percent again, ending a seven-month period of being oversold. This suggests that Pepe may not be the optimal altcoin for higher returns in the near term.