- PEPE Derivatives trading volume breaches $5B, topping SHIB & DOGE.
- Spot trading volume showcases more activity on PEPE than SOL & XRP.
- Analysts assess PEPE’s newly-formed inverse Head ‘n’ Shoulders pattern.
Popular memecoin Pepe (PEPE) has exploded in popularity in both Spot and Derivatives markets, picking up 22% gains over the past 24 hours. This has boosted PEPE to #27 by global market cap, upping the ante for the meme coin department with an over $5 billion trading volume on Derivatives.
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Amid the favorable events, PEPE secured a new all-time high of $0.00001096 less than an hour ago, solidifying the yearly PEPE returns to 19,306.6%. PEPE Derivatives trades brought about a larger trading volume than the leading meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) combined.
With a 277.87% hike in PEPE trading volume on Derivatives, the Spot markets are also thriving with a $2,842,205,639 volume. By this metric, PEPE outsources one of the most popular altcoins, Solana (SOL), sporting a $2,256,019,284 trading volume during the same period.
PEPE About to Pull Another Huge Move?
Alongside the sparking activity on crypto markets, GameStop’s soaring shares on Wall Street added nearly $5 billion to meme coin holders’ wealth. The notable breakout occurred when GameStop (GME) soared by 74.40% over the past 24 hours. It is now trading at $30.45 and also claiming a new yearly high with a market capitalization of $9.32B.
Following the surge, many crypto traders crowned PEPE as the SHIB of this bull run, alluding to the 2021 meme coin rally that has given several all-time peaks for the most known meme currencies. While PEPE was not around back then, its comeback has been similar to Shiba Inu’s run to $0.00008616 in October 2021.
PEPE has formed an inverse Head ‘n’ Shoulders pattern on the technical charts in the last three months. While the regular Head ‘n’ Shoulders pattern in crypto marks the end of a bullish price trend, the inverse option forecasts a bearish-to-bullish switch.
Multiple crypto whale deposits into exchanges portray the soaring network activity. For instance, a ‘smart money’ address tagged by The Data Nerd has poured 250 billion PEPE coins into Binance, initially accumulating 475B PEPE with 0.51 Ether (ETH) a day after the meme coin’s launch.
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Multiplying the gains by 2084 times after selling 468B PEPE for $3.13 million, the smart money has not lost belief in PEPE’s future growth. Upon further research by DailyCoin, the whale’s self-custodial crypto wallet still holds $77,831 worth of PEPE tokens after taking huge profits.
On the Flipside
- Judging by the selling pressure on spot markets, many traders have decided to sell their PEPE holdings over the past 24 hours.
- The $33.93 million in PEPE sales represents an imbalance of $5.5 million between PEPE bids and completed PEPE sales.
- Out of the $4.6 million liquidated PEPE positions on Derivatives, $1.82 million were longs despite the 22% price increase.
Why This Matters
PEPE evolved into a coin with a powerful crypto community and gained traction among leading crypto exchanges, allowing it to become the third-largest meme token by market capitalization.
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