Pepe the Frog, the web’s amphibian turned meme icon, has hopped onto a brand new platform – the crypto trade Bitstamp. This milestone itemizing sparked a 31% value surge for Pepe’s namesake cryptocurrency, PEPE, however questions linger about its long-term hop potential.
Bitstamp Welcomes PEPE
The itemizing, introduced on February thirteenth, provided PEPE elevated legitimacy and publicity to Bitstamp’s 4 million customers throughout 100 nations. The value responded accordingly, leaping from $0.00000098 to $0.000001244 inside 24 hours. A weekly rally of over 30% added to the bullish sentiment.
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We’re welcoming $LMWR, $PEPE and $BLUR.
LMWR empowers content material creators, PEPE provides enjoyable to crypto, and BLUR brings novelty to the NFTs.
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— Bitstamp (@Bitstamp) February 13, 2024
Nonetheless, defying expectations, the itemizing didn’t set off the explosive value positive aspects typically seen after main trade entrances. Specialists scratched their heads as PEPE struggled to breach the $0.00000125 resistance stage – a vital hurdle coinciding with the 50-day shifting common, a key indicator of long-term tendencies.
Supply: Coingecko
The bulls weren’t deterred. Regardless of sellers cashing in on the preliminary rise, one other try is underway, with PEPE reaching intraday highs of $0.0000012 at press time.
However a better look reveals a blended image. Brief positions on PEPE nonetheless marginally outweigh lengthy positions, suggesting some underlying bearishness. Whereas OKX customers exhibit uncommon optimism with a 2.7:1 long-to-short ratio, the broader market stays cautiously perched on the fence.
PEPEUSDT buying and selling at $0.00000125 on the 24-hour chart: TradingView.com
Nonetheless, one area the place PEPE shines is buying and selling quantity. Within the derivatives market, it raked in a whopping $56.35 million, surpassing Shiba Inu ($35.28 million) and Bonk ($32.07 million) throughout the identical interval. This means important investor curiosity, regardless of the value hesitation.
One other optimistic hop was made in European adoption. Bitstamp’s European presence and announcement on Twitter recommend PEPE is inching in direction of wider continental acceptance.
So, will PEPE lastly croak previous the resistance and leap to new heights? The reply, just like the meme itself, stays shrouded in a little bit of web thriller. Whereas the itemizing and preliminary value enhance are encouraging, the muted market response and technical hurdles elevate questions. Traders ought to rigorously take into account their very own threat tolerance earlier than becoming a member of the Pepe frenzy.
In associated developments, the mixed order e book for PEPE has seen a large surge, in accordance with the latest blockchain statistics. The derivatives buying and selling quantity for the meme foreign money has elevated by 115% within the final 24 hours, totaling $58.35 million.
The steadiness between pending purchases and pending gross sales, nonetheless, is skewed in favor of the bears. Regardless of the 180% enhance in cryptocurrency merchants able to buy PEPE, the uneven order e book, which topped $10 million in pending gross sales within the final day, signifies that many PEPE buyers are cashing out at the moment value vary, in accordance with CoinPaprika, a platform for cryptocurrency analysis.
Featured picture from Freepik, chart from TradingView
