• PEPE’s price has surged recently, driven by increased whale transactions and bullish technical indicators.

• Key metrics like the MVRV Long/Short Difference and Bull Bear Power suggest long-term holders are regaining strength, signaling potential growth.

The frog-themed meme coin, PEPE, is making waves in the cryptocurrency market as a series of bullish indicators suggest potential growth in the upcoming months. PEPE appears ready for a strong close to 2023, capitalizing on the historical market favor in October, which is often referred to as ‘Uptober’ in crypto circles. 

In the last 24 hours, the price of PEPE declined by 2%, making the trade at $0.0000081. At the same time, there was a high increase in whale transactions, which involved amounts of over $100,000. Santiment reports that the current bullish trend is due to increased investor confidence and the increased activities of the big market players.

The transactions of these whales indicate that PEPE is being hoarded by institutional investors, a factor that might cause its price to keep on increasing in the upcoming weeks. With the recent decrease in PEPE transactions, one would expect that the value of the coin will still stay up, particularly with the new entries of these whales in the market. If this trend reverses and transaction volume rises alongside the price, it would indicate that the rally could have lasting effects.

Bullish Technical Indicators Support Further Growth

The positive outlook for PEPE also arises from some key technical indicators. For example, the Market Value to Realized Value (MVRV) Long/Short Difference is one of them, and it indicates the profit that can be made by short-term or long-term investors. The metric was at 33% in mid-September but later decreased to 26% as PEPE dropped to $0.0000071. To date, the MVRV stands at 28.36%, suggesting that investors who have held for the long term are now once again at an advantage.

The bullish trend is also supported by another critical indicator known as Bull Bear Power (BBP). Market strength is quantified by BBP, which also determines the party in control, buyers or sellers. As per the PEPE/USD 4-hour chart, when compared to the 13-period Exponential Moving Average (EMA), BBP is seen to be higher, indicating that buyers are dominating the market. As long as the indicator remains above the EMA, PEPE’s price is likely to continue rising into the final weeks of September and into October.

Market Activity Shows Growing Interest in Cryptocurrencies

The positive signals from PEPE-specific data are not the only ones that point towards an optimistic future. Coinglass data indicates that the trading volume in the cryptocurrency markets has increased by 67%, reaching $614. 57 million.

Open interest, which tracks the number of outstanding derivative contracts, has also risen by 18%, bringing the total to $90.78 million. This uptick in market activity suggests that investor interest in cryptocurrencies, including meme coins like PEPE, is growing, which could lead to further gains in the near term. With a market cap of $3. 4 billion, PEPE is ranked 27th among more than 9,800 cryptocurrencies, and it is one of the top 30 cryptos.