PEPE experienced a remarkable surge of over 63% last week.
Trading volumes of PEPE had reached over $800 million.
PEPE’s future liquidations contributed to a significant price spike.
Last week in the crypto market was a roller coaster ride. It began with Bitcoin surging over $30,000 and ended with anticipation for altseason. The intrevention of Bitcoin ETFs played a significant role in this surge, impacting the price of BTC and the overall market. Amidst fluctuations in various altcoins, one cryptocurrency stood out: Pepe.
According to Coinmarketcap, the frog-themed token experienced an impressive surge of over 63% last week, with trading volumes reaching a significant milestone of $800 million. This surge can be attributed to a risk-on environment, where investors increasingly place bets on riskier assets like altcoins and meme coins.
Is PEPE Set to Sustain the Hype?
The Pepe community had an exciting week as the gains surpassed those of other popular meme tokens, even in the face of ecosystem upgrades introduced by some of these tokens. This indicates a strong buying interest in Pepecoin.
Additionally, futures contracts linked to PEPE saw substantial liquidations, second only to Bitcoin (BTC) and Ether (ETH) futures. This suggests that the settling of short positions may also have contributed to the price spike and magnified gains.
However, despite the positive end to the week, PEPE has faced a sluggish start this week. Currently priced at $0.000001528, it has experienced a decline of 5.81%. This raises the question of whether it can sustain the hype and demonstrate resilience in the market.
In perpetual futures tied to PEPE, funding rates remain negative. It indicates a prevailing dominance of bearish positions in the derivatives market. This further underscores the skepticism surrounding the frog coin.
While market volatility is common, particularly in the case of Pepe, its future trajectory remains highly unpredictable. As market conditions improve and investor confidence returns, analysts project a maximum price of $0.000003, suggesting potential growth and stability.