- Two new perpetual swap listings, PEPE/USD and PEPE/USDT, were added to the BitMEX cryptocurrency exchange platform.
- Pepe has seen a price surge of over 2100% in the last month.
Pepe, a relatively new meme coin in the market, has taken the cryptocurrency world by storm. With a trading volume of more than $502 million, It has risen 2,100% since the coin was released last month.
On May 3, Two novel perpetual swap listings, PEPE/USD and PEPE/USDT, were added to the BitMEX cryptocurrency exchange platform. Both of them provide up to 50x leverage. According to the blog published by Bitmex, Each contract has its intrinsic value equal to its price in the tether.
With a surge in “pepecoin” searches on Google, the demand for this memecoin has grown. Moreover, PEPE’s DeFi transactions have dramatically increased since it got listed on several cryptocurrency exchanges. The team behind the coin has stated that they will use the GitHub repository to show their work to their users and be self-evident rather than adopting a conventional roadmap.
According to data provided by Nansen, a blockchain and research company on Ethereum, pepecoineth has witnessed a massive increase in on-chain users. In the report, the company said that memecoins experienced an ecosystem growth in April. Additionally, as of yesterday, Pepe has been trending on Twitter.
PEPE Coin Technical Analysis
With the hype surrounding Pepe dying down, the coin is also plunging. As of the time of writing, Pepe is currently down at 22.96% in the last 24 hours. Even though the rest of the cryptocurrency market is doing good, the Pepe coin has turned negative.
On the four-hour chart, the coin is at a bearish level, and this is because of the downtrend it is experiencing. The coin has been rejected below the $0.00000134 mark, supporting this observation further. Given that the whole cryptocurrency market has been trading negatively recently, Pepe coin has remained on the rise. Now that the market is upsurging, the coin is plunging, moving against the trend of the entire crypto market.
Technically, Pepe is in the bearish position, and those in charge are the sellers. On the relative strength indicator, Pepe is currently at 57.21 in the neutral zone. The RSI, though, will probably drop even more as the pressure to sell builds. Also, on the MACD, we can see that the MACD line is below the signal line, meaning that the coin is currently in the bearish zone.
Additionally, on the overall technical analysis, we can see that on the social media hype, the coin is quite steady. Regarding emotions on social media surrounding Pepe, it is on the low side.
Will PEPE Reach $0.00001?
To reach the $0.00001, Pepe will have to climb ridiculously by a lot. In the last month, the asset has shown the potential to go beyond expectations. With the current trend, 0.00001 is achievable but the question remains time.