Altcoin
Pepe Coin Price Soars As VanEck Shares Cryptic Frog Meme Post
Pepe Coin (PEPE), a popular meme cryptocurrency, experienced a significant price surge recently. The latest Pepe coin rally follows a test at the bottom support level, hence, rebounding notably. This coincided with a cryptic social media post from investment firm VanEck.
VanEck Teases Discussions Around PEPE
On the platform X (formerly Twitter), VanEck shared an enigmatic frog meme, which also featured other animals who were seen sitting around a table. However, the frog stood on the table, grabbing the spotlight. The post caption stated, “Important topics were discussed at the board meeting.” This post generated considerable buzz and speculation within the cryptocurrency community.
In the immediate aftermath of VanEck’s post, PEPE saw notable volatility. Initially, there was a minor dip in its price, with a 1.5% decrease over 24 hours. Moreover, Pepe Coin hit a low of $0.00001213 just ahead of the post. However, the meme coin rebounded quickly, capitalizing on the hype and social media traction.
Furthermore, the price of Pepe Coin surged by approximately 11% over the past week, showcasing its resilience amid the recent bearish downturn in the market. In addition, the excitement surrounding Pepe Coin was further amplified by VanEck’s recent endeavors in the crypto space.
The firm, which is known for its traditional finance products, recently applied for a Solana ETF. Furthermore, the firm became the first ever ETF issuer in the U.S. to apply for another altcoin ETF after the Ether ETF application. Though it’s unlikely to see a Pepe Coin ETF anytime soon, VanEck’s post was enough to stir optimism in the PEPE meme community.
Also Read: Pepe Coin: Smart Money Offloads 118B PEPE With 11-Fold Returns, Has Price Maxed Out?
Pepe Coin Price Today
After the post, the PEPE price gained 3% from its low of $0.00001214 today with a price of $0.00001245 at the time of writing. In addition, the PEPE market cap soared to $5.25 billion. However, the Pepe Coin trading volume saw a slump of 11.80% to $500.55 million in the last 24 hours.
As the PEPE price rebounded, the short liquidations rocketed, according to Coinglass data. Shorts liquidated $1 million in the last 24 hours and are expected to exert buying pressure as they buy back their positions to minimize losses. This could potentially push the Pepe Coin price higher. However, longs also liquidated $715,610, which could limit the impact of this buying pressure.
The PEPE Coin price has fluctuated significantly since reaching its peak value of $0.00001725 on May 27th. Following this high, the price experienced a 44% decline, finding a support level at $0.00000968 on June 24th. Recently, PEPE has revisited this previous support level, which has now turned into a resistance point in the short term.
The technical indicators present a mixed yet generally positive outlook. The daily Relative Strength Index (RSI) is currently at 51, indicating a balance between buying and selling pressures with a slight inclination towards bullish activity, and still allows for further upward movement.
Additionally, the Moving Average Convergence Divergence (MACD) recently experienced a bullish crossover. The MACD line is now marginally above the signal line, hinting at growing bullish momentum.
On the 4-hour chart, Pepe Coin recently broke out from a bullish flag pattern that has been forming since late May. However, it encountered resistance from the larger ascending channel’s support level. This pattern suggests that while a minor pullback could occur in the short term. However, there is potential for a breakout if the bullish momentum continues to build.
According to IntoTheBlock data, 84% of current PEPE holders are in profit at the present price. Meanwhile, 5% holders at break-even and 11% at a loss. Hence, amid a price rise, long holders could sell their holdings to realize profits, potentially leading to high volatility and dip.
Also Read: Binance Lists ETHFI, MEME, PYTH Among 7 New FDUSD Trading Pairs
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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