Why PEPE Coin Price is Up Today?

PEPE coin is experiencing a significant surge in the memecoin market, with a remarkable 30% price increase in just 24 hours. This has propelled PEPE past Dogecoin in daily trading volume, making it the most traded memecoin and the sixth most traded cryptocurrency globally (excluding stablecoins).

Why is PEPE Surging?

PEPE's price surge is attributed to a confluence of factors: whale accumulation, technical breakouts, and growing open interest in the derivatives market.

Whale Accumulation:

Data from lookonchain reveals significant PEPE purchases by a prominent crypto whale over the past week. This whale, holding approximately $147 million in crypto assets, withdrew 1.5 trillion PEPE from Binance on April 30th and subsequently added another 500 billion tokens, bringing their total holdings to 2 trillion PEPE. This accumulation, valued at roughly $4.36 million, suggests strong long-term confidence in the coin.

Derivatives Market Activity:

CoinGlass data indicates a rapid increase in trader interest in PEPE. Open interest in PEPE futures has risen by 6.6%, exceeding $434 million. This signifies a growing number of traders placing bets on PEPE's future price movements. Over the past 24 hours, approximately $1.57 million in trades were liquidated, with $1.45 million stemming from short positions. This significant liquidation of short positions suggests a short squeeze, further contributing to the price increase.

Future PEPE Price Outlook:

Analysts note that PEPE recently broke out of a Descending Broadening Wedge pattern – a bullish technical indicator – confirming a momentum shift with a strong daily close. This could potentially trigger a midterm rally of 120% to 140%. Continued bullish market sentiment and sustained uptrend could lead to even more substantial gains, potentially exceeding 1200%, with a price target of $0.000080 (a 10x increase from current levels) within the next bullish cycle. However, this is speculative and subject to market volatility.