Pepe the Frog Hops onto Bitstamp, PEPE Price Surges
Pepe the Frog, the popular internet meme icon, has made its way to the crypto exchange Bitstamp. This listing has caused a 16% price surge for Pepe’s cryptocurrency, PEPE. However, there are still questions about its long-term potential.
Bitstamp Welcomes PEPE
The listing on Bitstamp, announced on February 13th, has given PEPE increased legitimacy and exposure to Bitstamp’s 4 million users across 100 countries. As a result, the price of PEPE jumped from $0.00000098 to $0.00000117 within 24 hours and experienced a weekly rally of 30%.
Questions About Long-Term Potential
Despite the listing on Bitstamp, PEPE has struggled to break through the $0.00000114 resistance level. This level coincides with the 50-day moving average, which is an important indicator of long-term trends. Experts are puzzled by this lack of explosive price gains typically seen after major exchange listings.
Mixed Market Sentiment
While there is some underlying bearishness with short positions marginally outweighing long positions on PEPE, there is also significant investor interest in terms of trading volume. In the derivatives market, PEPE has surpassed Shiba Inu and Bonk in trading volume.
Potential for European Adoption
Bitstamp’s European presence and announcement on Twitter suggest that PEPE may be gaining wider acceptance in Europe.
Uncertain Future
The future of PEPE remains uncertain. While the initial price increase and trading volume are positive indicators, the muted market reaction and technical hurdles raise questions. Investors should carefully consider their own risk tolerance before investing in PEPE.
Surge in Order Book and Trading Volume
The combined order book for PEPE has seen a significant surge, with derivatives trading volume increasing by 115% in the last 24 hours. However, the balance between pending purchases and pending sales indicates that many PEPE investors are cashing out at the present price range.
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