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- PEPE saw an extraordinary increase of over 63% last week.
- Trading volumes for Pepe surpassed $800 million.
- Liquidations in PEPE futures played a role in the notable price increase.
The previous week in the cryptocurrency market was quite tumultuous. It started with Bitcoin climbing above $30,000 and concluded with expectations for an altcoin season. The launch of Bitcoin ETFs significantly influenced this rise, affecting BTC‘s price and the broader market. Amid the volatility of various altcoins, one cryptocurrency that distinguished itself was Pepe.
As reported by Coinmarketcap, the frog-themed token recorded an impressive increase of over 63% last week, with trading volumes hitting a notable $800 million. This surge is linked to a risk-on atmosphere, where investors are more inclined to invest in riskier assets such as altcoins and meme coins.
PEPE 7D Price Chart, Source: CoinMarketCap
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Is PEPE Positioned to Maintain the Momentum?
The Pepe community enjoyed an exhilarating week as its gains outpaced those of other well-known meme tokens, even amidst ecosystem enhancements introduced by some of these tokens. This reflects a robust interest in Pepecoin.
Moreover, futures contracts associated with PEPE experienced significant liquidations, ranking just behind Bitcoin (BTC) and Ether (ETH) futures. This indicates that the closure of short positions may have aided in the price surge and amplified the gains.
Nonetheless, despite a positive conclusion to the week, PEPE has encountered a slow start this week. Currently valued at $0.000001528, it has seen a decrease of 5.81%. This prompts the question of whether it can maintain the excitement and show resilience in the market.
In perpetual futures related to PEPE, funding rates remain in the negative territory. This suggests a prevailing prevalence of bearish positions in the derivatives market, further highlighting the skepticism surrounding the frog coin.
While market fluctuations are typical, especially in the case of Pepe, its future direction remains highly uncertain. As market conditions improve and investor confidence rebounds, analysts anticipate a peak price of $0.000003, indicating potential for growth and stability.
