Pepe’s PEPE/USD recent rally has caught the attention of traders, who call for the meme coin to hit new highs soon.
What Happened: Crypto trader Javon Marks noted that Pepe has responded with a 40% weekly candle. He predicts Pepe to have another “39% upside coming to reach those levels before a continuation above.”
Another heavily followed crypto trader marked a key level to trigger momentum towards new all-time highs.
Davie Satoshi analyzed Pepe’s technical chart, noting it has broken out of all downward channels and has entered a new phase. He highlighted the bullish momentum of the meme coin as it “regains $5 billion market cap” for the first time after early July.
Price Action: In the past 24 hours, PEPE has gained 21.8% for a 40% weekly gain.
Also Read: Dogecoin, Shiba Inu, Pepe Will Still Have Supercycle But ‘2021 May Never Happen Again,’ Muses Trader
Why It Matters: On-chain analytics platform Scopescan noted Nascent, a venture capital firm, swapping its Maker MKR/USD position to Pepe and Lido DAO LDO/USD. The firm deposited 1,200 MKR to Binance and withdrew 141B PEPE, 280,000 LDO and 3 million USDT.
This sparked optimism about Pepe’s future price movements. With this transaction, Nascent currently holds 608.85 billion PEPE, worth $7.49 million.
IntoTheBlock data shows large transaction volumes increasing by 134% and daily active addresses growing by 52%. Transactions greater than $100,000 more than doubled from 150 as of July 14 to 353 as of July 15.
Pepe’s daily volume exceeded that of BNB at $3.2 billion compared to $2.1 billion, despite the latter having a market capitalization of 17x than the former. This makes Pepe the most-traded meme coin at the moment, leaving behind meme coin leaders like Dogecoin DOGE/USD, Shiba Inu SHIB/USD, Dogwifhat WIF/USD and others.
What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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