Pepe nears crucial price as CEX outflows rise: Nansen
Release: 2024/09/26 21:19 Reading: 931
Pepe Coin Surges, Reaching Highest Point in a Month
Pepe (PEPE), the third-largest meme coin, has made a significant comeback, reaching its highest value in over a month. This surge coincides with a decline in balances held on centralized exchanges.
Exchange Outflows Increase
Pepe surged to $0.0000091, raising its market capitalization to over $3.8 billion. This rise aligns with the strong rebound of other meme coins, including Shiba Inu (SHIB), Dogwifhat (WIF), and Mog Coin, which have all experienced gains of over 10%.
The total market cap of meme coins tracked by CoinGecko rose by nearly 7% within a 24-hour period ending September 26, reaching $50 billion.
Positive Economic Factors
This rally has been attributed to factors such as last week's interest rate cut by the Federal Reserve and expectations of further cuts. Moreover, China, the world's second-largest economy, has announced a substantial stimulus package since 2020.
Investor Interest Returns to Pepe
Data from Nansen indicates that Pepe has experienced significant outflows worth $4.2 million on September 26, a notable increase compared to average levels. Additionally, the total supply on exchanges has decreased by 0.35% over the past week.
Price Outlook
Pepe's price is approaching a key resistance level, and a break above that level could potentially lead to further gains.
Disclaimer:
This article does not constitute financial advice.
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