Pepe (PEPE), which is one of the most successful cryptocurrencies in the world, has seen a significant price increase. Memecoin outperformed other market leaders like Bitcoin (BTC), Ethereum(ETH), Solana(SOL), and others. CoinGecko data PEPE is up 14.2% since the 24th and moved more than 25.0% in the week. We’ll discuss whether the memecoin will be able to sustain its upward trend or face another dip.
Can PEPE continue its price rally and dominate the market?
The price increase of PEPE is part of a larger market resurgence. Bitcoin (BTC), which has been trading at $75,000, is now reclaiming that price. Other assets are also following suit. After President Trump held an event at the White House with CEOs and founders from several cryptocurrency companies, the cryptocurrency market exploded. Trump announced that the US could buy a significant amount of Bitcoins (BTC) or other cryptocurrencies during the event. PEPE is rallying due to the surge in sentiment following the White House Event.
PEPE is also on the rise due to a boom in whale wallet demand. The top holders are accumulating more PEPE, while exchange supply is decreasing. It is considered positive that coins are moving away from exchanges, since it decreases the likelihood of a selling off. According to Santiment, the top 10 non-exchange address now holds 84.04 trillion pepe. That’s a near 4.5 billion increase compared with a couple of days ago.
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PEPE is also gaining more interest, which supports the current bullish trend. According to CoinGlass dataThe PEPE Futures Open Interest reached a new three-month record of $271 Million.
PEPE could be boosted by the data from the White House and the bullish story that was told. PEPE is a memecoin and therefore faces increased volatility. The rally may seem healthy, but there’s always the chance of a correction in price as investors take profits.
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Source: watcher.guru
