PEPE, currently the third-largest memecoin by market capitalization, has captured the attention of the crypto community with an impressive price surge exceeding 27% over the past two days. This upward momentum has drawn in notable figures, including Arthur Hayes, the former CEO of BitMEX, who recently made headlines with a substantial investment in PEPE.
On September 27, 2024, on-chain analytics firm Lookonchain reported that Arthur Hayes withdrew a staggering 24.39 billion PEPE tokens from Binance, valued at approximately $252,680. This significant withdrawal suggests that Hayes is banking on PEPE's continued rally, indicating confidence in its potential for further price appreciation in the near future.
As of the latest updates, PEPE is trading at around $0.000001058, following a robust 17.2% increase in the past 24 hours. This surge has been accompanied by a notable 40% increase in trading volume, as reported by CoinMarketCap. Such price movements highlight the growing interest and activity surrounding this popular memecoin.
Historically, after a substantial surge like the recent 27% increase, a small price correction may be expected. However, the long-term outlook for PEPE remains bullish, with forecasts suggesting it could reach the $0.0000132 level—a potential 30% increase—in the coming days.
The optimistic sentiment surrounding PEPE is bolstered by favorable on-chain metrics. Coinglass reported a Long/Short ratio of 1.084, indicating a strong bullish sentiment among traders. Furthermore, the Futures Open Interest for PEPE has surged by 30%, signaling that more traders are opening long positions rather than shorting the asset.
The combination of rising Open Interest and a Long/Short ratio above 1 often suggests that traders are building confidence in the asset's upward trajectory. As of now, 51% of top traders are holding long positions, while 48.09% are short, showcasing a nearly balanced but slightly bullish sentiment among investors.
PEPE's recent price surge and the involvement of influential figures like Arthur Hayes signal a vibrant and potentially lucrative period for this memecoin. With bullish on-chain metrics and strong trading activity, PEPE appears well-positioned for further growth. Investors will be keenly watching the market as it evolves, hoping to capitalize on the momentum that PEPE has generated in the crypto landscape.
September 2024, Cryptoniteuae