Why is Pepe rising? Course increase due to the increasing interest of whales, Bitcoin breaks $ 118,000 in the wide-ranging crypto rally
The price of Pepe
has increased by 14 % in the last 24 hours, driven by large -scale purchases and a broader recovery in the cryptocurrency market, which also Bitcoin exceed the 118,000 USD mark.
The token rose from $ 0.000011141 to $ 0.000012812 and thus fueled a sector that lives from online hype and sudden outbreaks. During the wider Coindesk 20 (CD20) Index increased by 7.3 %in the last 24-hour period, the Memecoin Index Coindesk Memecoin (CDMEME) has increased by 11.3 % in the same period.
Walk activity was also behind the climb. Data from Nansen Shows that the top 100 addresses that hold Pepe have increased their stocks by more than 1 % last day alone, to 304.1 trillion PEPE, while the stocks of the stock exchanges are still declining.
Last month, the top 100 PEPE addresses increased their stocks by 2.3 %, while the tokens held on the stock exchanges dropped by 2.17 % to 252.2 trillion.
Technical signals indicate persistent dynamics for Pepe. During the rally, the token moved in a range of 18 % between low stalls of $ 0.000009823 and maximum $ 0.000013068. An important resistance point was at $ 0.000012482, whereby according to the technical analysis data model from Coindesk Research Price reversations took place there with a high volume.
In the meantime, the solid support near $ 0.000011013, since dealers aggressively used courses.
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