9.9 Trillion PEPE in 24 Hours, What's Happening?
Release: 2024/09/20 00:09 Reading: 786
Cover image courtesy of U.Today
CoinMarketCap data reveals a notable surge in PEPE's growth trajectory, with a 10% increase within 24 hours. While analysts focus on this price rise, other key metrics such as trading volume indicate a significant shift for the token.
PEPE and Macroeconomic Trends
Amidst concerns of an economic downturn in the broader financial landscape, the Federal Reserve enacted a 0.5% interest rate reduction on September 18. This rate cut, the first in four years, aims to enhance liquidity and stimulate economic activity.
However, market experts anticipate a potential devaluation of the U.S. dollar. Some economists even predict an impending recession. In such circumstances, investors may seek alternative assets for their funds.
Meme Coins Gaining Traction
While Bitcoin remains the primary choice for crypto enthusiasts, meme coins like PEPE might benefit from this resource allocation. Already, PEPE's trading volume has crossed $819 million in the last 24 hours, a surge of over 63%.
In token terms, this represents over 9.9 trillion PEPE, one of the highest volumes traded in the past week. The ongoing whale activity suggests growing interest in the token, which bodes well for future price growth.
Meme Coin Momentum
Beyond PEPE, other prominent meme coins like Shiba Inu are also experiencing price increases. Investors seek not only to preserve their holdings but also to increase their wealth. With their inherent volatility, meme coins offer a high risk-reward ratio amidst uncertain markets.
While institutional giants like MicroStrategy remain steadfast in their Bitcoin investments, retail traders are likely to boost the momentum around PEPE, SHIB, and other market contenders.
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