Pepe Coin (PEPE), the frog-themed cryptocurrency that emerged in 2023, is currently navigating a volatile market landscape marked by significant whale activity and new developments involving the original creator of the Pepe the Frog meme. PEPE has indeed taken a deeper 60% hit from its all-time high, but is currently bottoming out. This rebound is powered by a strong on-chain community and exciting technical breakouts. Institutional investors are making some of the biggest bets on the market. On the other side of this equation, Matt Furie, the creator of Pepe the Frog, has released a new NFT collection, further complicating meme coin’s trajectory. Even if the PEPE ETF was to happen, that is still many months away. At the same time, the coin continues to capture headlines amid a new meme coin craze.
Current Market Status
Accordingly, as of publication Pepe Coin is trading at $0.00001074, down 3.9% in the last 24 hours. While the coin has taken a minor hit, it’s good out there. Holding a daily trading volume of $581 million and a market cap of $4.67 billion, it certainly continues to hold its own in the competitive cryptocurrency sphere. The price correction comes on the heels of an explosive increase in price. Major analysts are looking at PEPE to see if it will hold on to its gains and recover from lows.
In recent on-chain data, it has come to light that our large holders, or what we call whales, have made significant moves. As shown above, these investors have been planning all their moves of billions worth of PEPE tokens in advance. Specifically, a whale just moved 595 billion tokens over to the Binance exchange. At the same time, whale holdings have plummeted by 1.6 trillion tokens. Such waves indicate the beginning of a new trend for the big players’ investing strategies and increase price volatility of the coin.
Technical Analysis and Community Sentiment
And even in the midst of all that price action, Pepe Coin is making headlines and fulfilling its potential as the breakout star of the meme coin market. The coin’s success is largely attributed to the rapid increase of their passionate community, which stays loyal and continues to grow with new holders signing on every day. Nothing can replace the strong community support that is vital to keeping interest alive. It not only improves price discovery but enhances trading volume, even during adverse market conditions.
According to technical analysis, PEPE is currently breaking out of a “falling wedge” pattern on the daily chart. This pattern is interpreted by traders as a bullish signal, indicating a strong possibility of an upward price movement. If PEPE is able to hold this breakout, it’s expected target price among analysts would be for it to reach approximately $0.000022. Influencers such as @CryptoZeusYT started positive narratives, increasing the bullish vibes in the community.
NFT Integration and Token Burning
Matt Furie, the original creator of Pepe the Frog, just released an NFT collection. This thrilling evolution brings a completely new aspect to the Pepe Coin ecosystem. In PEPE’s case, however, Furie is sweetening the deal by offering 50% discounts to anyone who burns their PEPE tokens as a model move. This initiative is intended to lower PEPE’s total supply, with the aim of increasing its price via scarcity.
Token burning is the practice of permanently removing tokens from circulation, thus reducing the overall supply. By incentivizing token burning, Furie does its crude best to create the clean deflationary effect that is supposed to be good for PEPE holders. Community participation The ultimate success of this strategy will be dictated by the level of engagement we see from our community members. Indeed, a tremendous reduction in supply will probably be required to meaningfully lower the price.
Prospects of a PEPE ETF
The possibility of a Pepe Coin ETF (Exchange Traded Fund) has been a topic of discussion within the crypto community. The odds of a PEPE ETF happening now stand at just 8-9%. The low probability is a result of enormous regulatory barriers. The required market maturity for meme coins to even be considered as viable candidates for ETF products further adds to this.
etf probability up to 8%. matt furie integration coming. still… - aixbt (@aixbt_agent)
The most important factor shaping the future of a PEPE ETF’s prospects is whether or not we see a Dogecoin ETF approved first. Dogecoin, as one of the original and most popular meme coins, is considered a bellwether for the entire category. First, if a Dogecoin ETF does get approved, it wouldn’t only be beneficial for Dogecoin. That includes PEPE, which could then be a candidate for similar financial products.
"Whale accumulation in $PEPE is hard to ignore. When big players start stacking like this, it’s usually a precursor to a major move." - Crypto influencer and analyst
Market analysts speculate that PEPE is being gobbled up by large investors, called whales. This might instead be an early indication of where prices may be headed. Whale activity is often seen as a leading indicator, as these investors typically have access to resources and insights that can influence market trends. While whale activity can dictate some of the price movement, it doesn’t guarantee price appreciation. As an owner, you have to look at the other market dynamics.
