Pepe coin up 10% in 24 hours due to $100 million investment. Are whales purchasing?

The price of Pepe Coin has increased by a significant 10% in the past 24 hours, reaching $0.000000932791 as the broader cryptocurrency market gains by 2% today.

This surge means that PEPE has decreased by 17% in the last seven days and by 40% in the last 30, with the new meme token being disproportionately affected by the past week’s SEC-caused selloff.

Given that PEPE has been heavily sold in recent weeks, the meme token may be due for a recovery rally, a possibility heightened by the fact that its 24-hour trading volume has climbed from just over $50 million earlier in the week to more than $100 million today.

However, as PEPE’s status as a meme token suggests, there is no fundamental support behind its price, aside from a community of early holders who want to see it rally again.

Pepe Coin Price Prediction as $100 Million Pushes PEPE Up 10% in 24 Hours – Are Whales Buying?

PEPE’s indicators show signs that today’s rally could continue over the weekend (if not longer), with its relative strength index (purple) rising from 30 to 50 today.

This signals an early increase in buying momentum, as does the fact that the coin’s price has just risen above its 30-day moving average (yellow).

It’s important to note here that it has only just overtaken the average, meaning that further gains in the coming days are possible before PEPE runs out of steam.

In this respect, it will be interesting to see whether the meme token can pass the $0.000000960 resistance level (red), from which it fell back down earlier in the week.

If it can clear this price, then there’s no reason why it shouldn’t rise higher, perhaps returning to the 0.00000110 level it last saw over the weekend, before a loss of market liquidity dampened investor sentiment.

However, it is worth noting that PEPE has lost a significant amount of steam in recent weeks, with the meme token now down by 78% compared to the all-time high (of $0.00000431) it recorded only a month ago.

Some may argue that PEPE’s time in the spotlight is now over, and that other trending meme tokens and altcoins will sooner or later come to take its place. However, data suggests that larger traders are still buying and selling PEPE in the hope of making profits, indicating that the meme token still has a market and a following.

For this reason, it would be premature to claim that PEPE won’t see any other big gains in the near future, although its status as a ‘pure’ meme token means any such gains can’t be guaranteed.

High-Potential Altcoin with Fundamentals

For some investors, buying a token like PEPE might not be an attractive option, seeing as how the coin lacks any real utility.

For this reason, more risk-averse traders may prefer to look to other new altcoins with solid use cases, with a handful of presale tokens currently having both the potential for gains and promising fundamentals.

This includes ecoterra, a recycle-to-earn platform that has impressively sold more than $5.1 million of its native ECOTERRA token since its presale began last month.

Running on the Ethereum blockchain, ecoterra’s platform aims to provide a decentralized and crypto-based ecosystem for encouraging more sustainable living.

Due for launch in the next few months, it will reward users in ECOTERRA for recycling their household waste at participating recycling points.

The platform will also provide NFT-based carbon offsets to users who generate their green energy, with these credits tradeable on the platform’s own NFT marketplace.

Together, such features show how ecoterra could help incentivize greener lifestyles while they also explain why the platform’s presale has been so successful already.

Investors can join its presale by visiting the official ecoterra website and connecting their software wallets, with 1 ECOTERRA currently costing $0.00925.

This price will rise to $0.01 in just under a couple of weeks, although it could also rise much higher when the token lists on exchanges later in the year.

Visit ecoterra Here

The text is already in English. No translation is needed.

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

News

Justin Sun considers acquiring FTX's cryptocurrency holdings.

Justin Sun, the visionary Founder of Tron and esteemed Advisor to Huobi Global, has enthusiastically conveyed his str...

DeFi

Justin Sun's platform, Poloniex, was hacked for over $100 million. The hackers then bought TRX, causing its price to skyrocket.

Poloniex lost over 114 million USD to a hacker attack, with the hacker using the stolen funds to purchase TRX, causin...

BlockChain

Poloniex Hack Reveals the Hilarity and Horror of Crypto Exchanges

Investor Justin Sun of Poloniex has confirmed an exploit and has taken action to reimburse affected users. He has als...

News

Shady Transactions Raise Eyebrows as $110 Million Evaporates from HECO Bridge and HTX Exchange – What in the Crypto World is Happening?

Recent blockchain breaches on the HECO bridge and HTX platform have been reported by security firms, resulting in an ...

BlockChain

Swell Introduces Layer-2 Restaking Rollup in Partnership with AltLayer and EigenLayer

Swell teamed up with Ethereum scaler AltLayer and a16z-backed crypto-staking project EigenLayer to create the rollup,...

News

HTX From Hot to Cold - $258 Million Flows out since Resuming Operations Last Month

After a recent security breach, HTX, which is associated with Justin Sun, has experienced a significant $248 million ...