Pepe Coin Surges 2.593% After Trump Post, Whale Accumulation

Pepe's latest price was $0.00001365, down 2.593% in the last 24 hours. Pepe Coin, the frog-themed meme coin, has been making waves in the cryptocurrency market with a significant increase in value over the past month. This surge has sparked curiosity and excitement among investors and crypto enthusiasts, who are now questioning its potential to reach new heights. The recent rally of Pepe Coin has been particularly notable, as it has outperformed other meme coins in the ecosystem, which have been affected by general market fluctuations. This bullish trend has led to speculation that Pepe Coin could potentially erase one zero from its price, a significant milestone for any cryptocurrency.

One of the key drivers behind the recent surge in Pepe Coin's value is the unexpected appearance of its mascot in a post by former U.S. President Donald Trump on his platform, Truth Social. The post featured an image of Trump with the caption, "HE’S ON A MISSION FROM GOD & NOTHING CAN STOP WHAT IS COMING." However, eagle-eyed observers noticed Pepe Coin's iconic frog mascot subtly placed in the background of the image. This unexpected appearance has stirred bullish excitement in the meme coin community, with many traders and crypto enthusiasts speculating about its potential to reach new heights.

Open Interest in Pepe Coin jumped over the last 24 hours, accompanied by a substantial increase in trading volume. More than $2.7 million worth of Pepe Coin changed hands during that time. In addition, Pepe Coin's Weighted Funding Rate has remained positive for nine consecutive days, indicating that long position holders (buyers) pay shorts (sellers), suggesting strong bullish sentiment as the contract price exceeds the spot price. Search interest further supports this growing enthusiasm, with Pepe Coin's current search interest index standing at 21, eight points higher than Dogecoin, which boasts a market capitalization of over $32 billion. Many traders believe that if Pepe Coin continues to dominate public attention, it could eventually challenge Dogecoin's top spot in the memecoin hierarchy.

Despite the recent surge in value, some traders remain skeptical about Pepe Coin's potential to reach 1 cent in the long term. One of the main reasons for this skepticism is the massive circulating supply of Pepe Coin, which stands at 420.69 trillion tokens. To reach $0.01, Pepe Coin would need to surge by roughly 715,000%, pushing its market cap to around $4.21 trillion. For comparison, that figure surpasses the valuations of major companies like Apple or NVIDIA and rivals the GDPs of large economies, making it an improbable scenario in the short to medium term. Even Bitcoin, the top cryptocurrency by market cap, has never reached such valuation levels.

However, some traders remain optimistic about Pepe Coin's potential to reach new heights in the short term. According to technical analysis, Pepe Coin is currently trading near a key support zone, which could set the stage for another move upward. On the upside, intermediate resistance is expected between $0.00001550 and $0.00001750. These levels could pose short-term barriers before the token attempts to retest its previous high near the $0.00002200 region. The chart shows this level as a key resistance area that must be broken for Pepe Coin to move toward new all-time highs. The Relative Strength Index (RSI) sits at 58.86, which is a neutral reading, not yet overbought or oversold. However, a sustained break above $0.00001550 could open the door to retesting $0.00002200, while a drop below $0.00001200 would likely undermine the current bullish setup.

In addition to the technical analysis, there are other bullish catalysts for Pepe Coin. Whale wallets have significantly increased their holdings this month, purchasing 170 billion PEPE and bringing their cumulative total to 9.95 trillion tokens. Smart money tracked by Nansen has also been aggressively accumulating, with their holdings rising by 128% in May to 653.73 billion PEPE. This indicates that sophisticated investors expect the rally to continue. At the same time, exchange outflows rose in May, bringing the overall exchange balance down to 252.6 trillion PEPE, the lowest level since Jan. 21. Declining exchange balances, paired with aggressive whale and smart money accumulation, suggest a strengthening bullish outlook for Pepe.

Another bullish catalyst for Pepe Coin is the view that Ethereum price may be about to surge. Ethereum is seeing strong ETF inflows and has formed a bullish flag pattern. Pepe Coin often jumps when ETH is thriving. From a technical perspective, Pepe Coin has formed a golden cross on the daily chart, with the 50-day moving average crossing above the 200-day moving average, a pattern often associated with major bullish breakouts. Additionally, Pepe Coin has formed both a bullish flag and a rounded bottom pattern. The bullish flag is a classic continuation setup, consisting of a sharp vertical move followed by a consolidation channel. The rounded bottom reinforces a longer-term bullish reversal. A confirmed breakout above this month’s high of $0.00001625 would signal continuation, with the next upside target at the all-time high of $0.00002831, representing a 96% potential gain from current levels.

Despite the recent surge in value and the bullish catalysts, some traders remain cautious about Pepe Coin's potential to reach new heights. One of the main reasons for this caution is the high volatility of the cryptocurrency market, which can lead to sudden price fluctuations. Additionally, the massive circulating supply of Pepe Coin makes it difficult for the token to reach higher price targets. However, the recent rally and the bullish catalysts suggest that Pepe Coin has the potential to continue its upward trend in the short term. Only time will tell whether Pepe Coin can reach new heights and challenge Dogecoin's top spot in the memecoin hierarchy.