PEPE Token Hits $4 Billion Trading Volume, Surpassing Dogecoin
PEPE Token Update
- PEPE token surged 16%, closing a Cup & Handle pattern.
- Spot trading volume reached nearly $4 billion, surpassing Dogecoin's $2.84 billion.
- PEPE ranked No. 5 among top trading coins with $3.9 billion in volume.
- Smart-contract trades hit $5.74 billion in derivatives, up 280% from the previous day.
- Dogecoin led futures with $6.60 billion in volume; DOGE shorts lost $14 million in liquidations.
Whale Activity
- A large wallet added 500 billion PEPE tokens worth $4.36 million.
- This wallet now holds 1.5 trillion tokens valued at approximately $18.6 million.
On-Chain Indicators
- Chaikin Money Flow for PEPE/USDT turned positive on May 6, indicating cash inflow.
- Network growth remains down, suggesting limited new wallet activity.
Supply Concerns
- Total supply of PEPE is around 420 trillion tokens, which could lead to significant price fluctuations.
- PEPE's price increased over 112% this month, but high supply poses risks for rapid gains and losses.
Impact of Bitcoin Surge
- Bitcoin surpassed $104,000, potentially boosting retail interest in smaller coins like PEPE.
- Retail confidence may drive further gains or risk a sudden pullback if Bitcoin's momentum slows.
Investor Watchpoints
- Monitor price action, open interest changes, and new wallet activity.
- If PEPE remains above its breakout point, it may sustain its recent surge.