Examining the factors behind Pepe’s sudden price surge
Release: 2023/12/06 08:34 Reading: 729
- Binance allowing users to borrow against PEPE tokens might have contributed to the surge.
- Daily active addresses spiked to a 25-day high.
Frog-themed meme coin Pepe [PEPE] witnessed frantic trading activity in the last 24 hours.
The asset pumped nearly 20% during the U.S. trading hours on 4th November, shrugging off a shaky start to the day during which it fell more than 8%, AMBCrypto discovered using CoinMarketCap’s data.
The wild swings in market value attracted traders in hordes.
The daily trading volume increased fourfold from the previous day to more than $438 million, as per data fetched by AMBCrypto from Santiment.
Source: Santiment
Could this be the catalyst?
While the surge could be easily attributed to the market-wide optimism on cryptos, developments specific to PEPE might also played a big role.
World’s largest crypto exchange Binance [BNB] announced a new promotion for Binance loans, as part of which any token can be borrowed from the exchange while holding PEPE as collateral.
The promotion period would last till the end of the month. The first 800 users who borrow at least 30 Tether [USDT] equivalent of any token would become eligible for rewards up to 10 million in PEPE, the blog post read.
Naturally, the allure of rewards prompted investors to accumulate PEPE tokens, causing a spike in its price.
However, not everyone was waiting for rewards. Few traders started profit-taking, breaking PEPE’s momentum and causing it to slide to $0.000001371 as of press time.
But this was not before the network got busier. The number of unique addresses involved in PEPE transfers spiked to a 25-day high, as per Santiment data.
Source: Santiment
PEPE continues to grow despite…
PEPE was a departure from the numerous dog-themed tokens that dominated the market. The crypto exploded 10x within days of its launch, attracting a swarm of profit-hungry traders.
Interestingly, PEPE doesn’t have any intrinsic value or expectation of financial return, according to its official site.
Read PEPE’s Price Prediction 2023-24
However, it continues to outperform meme coins like Floki [FLOKI] in market value which have arguably more to offer in terms of real-world utility.
According to CoinMarketCap, PEPE was the third-largest memecoin, with a market cap of over $566 million, 58% higher than next-best FLOKI.
The post Examining the factors behind Pepe’s sudden price surge appeared first on AMBCrypto.
Recent news
More>- Pepeto’s $600K Presale Highlights Vision for Supporting Memecoins Ahead of 2025 11-23
- Pepeto’s $600K Presale Highlights Vision for Supporting Memecoins Ahead of 2025 (22 Nov) 11-23
- New Solana Memecoin Shiba Eats Pepe to Skyrocket 16,000% Before Exchange Listing, as Dogecoin and Bonk Fall 11-23
- Top Trader Calls Dogecoin Budget XRP — Here's Why 11-23
- PNUT, WIF, PEPE Defy the Odds: How High Can These Memecoins Climb? 11-23
- $1k in Dogecoin in 2021 Worth $200,000 Today, Analyst Points to a New Opportunity to Repeat It 11-23
- $440 in Dogecoin (DOGE) Could Turn Into $44000 by November 2025, But One DOGE Alternative Will Do It in 8 Weeks: Surprisingly, It’s Not Shib... 11-23
- 3 Altcoins Priced Under $1 That Could Skyrocket By 6500% 11-23
- DOGE eyes $4 as Bonk and a new coin’s recent breakout hint at potential future trends 11-23
Selected Topics
More>>-
- pepecoin Price Analysis
- This topic provides articles related to PepeCoin price, covering key PepeCoin insights and analysis
-
- pepe:meme star
- This topic provides articles related to the most promising meme, PEPECOIN, a project with the potential to become a mainstream digital currency. It has the advantages of decentralization, reliability, ease of use, fast speed, low cost and scalability, and is expected to be more widely used in the future
-
- pepecoin price prediction
- We’ve gathered facts about pepecoin’s success story and provided a pepecoin price prediction
Selected Articles
More>>- 1 Avalanche and Aptos rival raises over $600k in 2 weeks
- 2 Crypto Prices Today: Market Continues Rally With BTC, Pepe Coin, SEI Rising
- 3 Major Analyst Crypto Tony Bullish on These Meme Coins, But One Stands Out
- 4 MTAUR Ready to Crush DOGE and PEPE: 100x Price Growth Incoming?
- 5 Memecoins Surge in 2024, Popcat Leads with 7,621% YTD Gain, Outshining Top Crypto Tokens
- 6 PEPE Meme Coin Smashes ATH – See How Much an $83 Investment in Pepe Coin Last Year is Worth Now
- 7 Top 4 Altcoins At 70% Discounts – Last Chance!
- 8 Dogecoin Creator Proposes DOGE to NBA Legend Scottie Pippen
- 9 Top Analyst Who Predicted Dogecoin (DOGE) Last 170x Rally Forecasts New Parabolic Rise, Here’s His Price Target
- 10 New Solana Memecoin Trump Loves Elon to Rally 15,000% Before Exchange Listing, SHIB and Bonk Crash
ABOUT US
We are building the most influential，trusted information platform for aglobal community engaged in thd transformation of the financial system andthe emerging crypto economy.PEPE is an integrated platform for media,events,data & indices for the next generation fo investing and the future of money.
Get in touch with the PEPE team at admin@pepecoinbuy.com