PEPE hints bullish move, Here’s how?
Release: 2024/07/02 18:54 Reading: 589
As of July 2, 2024, the overall cryptocurrency market faces challenges, with leading assets such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) experiencing downturns. Amidst this bearish trend, Whale Alert, a blockchain transaction tracker, reported on Twitter that an unidentified whale transferred a significant 1.28 trillion Pepe (PEPE) tokens, valued at approximately $14 million, from the world's largest cryptocurrency exchange, Binance.
The whale's wallet address remains unknown, and the transfer of this vast amount of PEPE tokens from Binance did not immediately impact its price. According to a Bloomberg ETF expert, the likely reason for this massive transfer is the potential approval of a spot Ethereum Exchange Traded Fund (ETF) in the United States by the Securities and Exchange Commission (SEC).
PEPE, an Ethereum-based meme coin, stands to benefit from the SEC's approval of a spot Ethereum ETF. If approved, not only PEPE but several other prominent ETH-based tokens would experience positive effects. Similar to when spot ETH ETFs were approved on May 23, 2024, the crypto market rallied significantly, and a comparable surge could occur if the SEC's decision is favorable.
Regarding PEPE's price performance, it currently trades around $0.0000114, experiencing a 2.2% decline in the past 24 hours. Coinmarketcap data reveals an intraday high of $0.0000117. However, the trading volume for the same period indicates reduced participation from investors and traders, as it fell by 12%. Evaluating PEPE's performance over extended timeframes, it has declined by 3.3% in the past week and has lost over 21% during the last 30 days.
In line with PEPE, other popular meme coins, including Dogecoin (DOGE), Shiba Inu (SHIB), and Dogewifhat (WIF), have also faced losses, experiencing drops of 1.5%, 0.5%, and 2%, respectively. Despite this, the overall crypto-meme sector has witnessed a 2.2% uptrend, and trading volume has increased by 35%, suggesting that investors and traders are exhibiting increased involvement in the meme market.
Among meme tokens, Bonk (BONK), Floki (FLOKI), and Book of Meme (BOME) have outperformed the market, gaining 9%, 4%, and 3.5%, respectively.
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