PEPE Coin The First Meme Coin To Trade In Japan: How Will Price React
Release: 2024/10/31 17:14 Reading: 977
PEPE Coin: First Meme Coin to Trade in Japan
BITPoint Japan has announced the listing of PEPE Coin, marking the historical availability of a meme coin for trading in Japan. The announcement on October 30 is a significant milestone in the mainstream adoption of such coins globally.
PEPE Coin's Debut in Japan
BITPoint Japan is launching PEPE across spot trading, lending, and savings services. The exchange is commemorating the listing with promotional campaigns, including a giveaway of 100,000 yen worth of PEPE to ten winners who trade over 10,000 yen of the token (until November 27, 3:59 p.m.).
Recent Market Performance
Despite the significant news, PEPE's recent performance has not been impressive. It has experienced negative price movements across various timeframes, including a 0.2% decline in 24 hours, 3.2% in the past week, and a notable 15.1% drop in the last 30 days.
Technical Analysis
Technical analyst Chris McCrypto notes that while the weekly chart showed potential, recent performance has fallen short of expectations. Key technical indicators present mixed signals, with the MACD failing to complete a bull cross and both the stochastic RSI and regular RSI experiencing bear crosses.
Positive factors include the price remaining above the breakout trend line and the wave 3 high of 0.0906, as well as recovery above the weekly 20 SMA (bull market support band) at 0.0936.
Analyst's Predictions
Another analyst, CryptoDoc, suggests a potential retest around support levels before a possible breakout, highlighting PEPE's history of rapid price movements. The Japanese listing comes at a crucial time for PEPE, as it strives to match the performance of both the broader cryptocurrency market and its meme coin counterparts.
While the BITPoint Japan listing represents a major milestone for adoption, the technical indicators and recent price action suggest cautious optimism among traders. As the first meme coin approved for trading in Japan's regulated market, PEPE has a unique advantage in this arena.
Pepe Coin is the third largest meme coin by market capitalization, currently valued at approximately $3.96 billion. However, it has declined over 44% since its all-time high of $0.00001717 reached on May 27, 2024.
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