Why PEPE Coin Price is Up Today?
By: cryptosheadlines|2025/05/09 11:45:01
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Airdrop Is Live CaryptosHeadlines Media Has Launched Its Native Token CHT. Airdrop Is Live For Everyone, Claim Instant 5000 CHT Tokens Worth Of $50 USDT. Join the Airdrop at the official website, CryptosHeadlinesToken.com PEPE coin is trending today in the memecoin market With a stunning 30% price surge in just 24 hours. PEPE has overtaken Dogecoin in daily trading volume, becoming the most traded memecoin and the sixth most traded cryptocurrency globally (excluding stablecoins).Why is PEPE Surging?The pepe coin price surge is fueled by a combination of whale accumulation, technical breakouts, and increasing open interest in the derivatives market.Whale AccumulationAccording to lookonchain Data, over the past week, a prominent crypto whale has been actively buying PEPE on the open market. On April 30, this whale—who holds $147 million in crypto assets—withdrew 1.5 trillion PEPE from Binance, and earlier today, they added another 500 billion PEPE tokens, bringing their total holdings to 2 trillion tokens. This accumulation, totaling roughly $4.36 million, signals strong long-term confidence in PEPE.Derivatives Market Heating UpAccording to data from CoinGlass, trader interest in PEPE is rising fast. The amount of money locked into PEPE futures — known as open interest — has gone up by 6.6%, reaching more than $434 million. That means more traders are betting on PEPE’s next move.In the past 24 hours alone, around $1.57 million worth of trades were liquidated, and $1.45 million of that came from people betting against PEPE. In simple terms, a lot of traders who expected the price to fall got caught off guard — a classic sign of a short squeeze.What Next For PEPE Price?According to analyst, PEPE recently broke out of a Descending Broadening Wedge pattern—a bullish signal—confirming a shift in momentum with a strong daily close. This could lead to a 120% to 140% midterm rally. If the market remian bullish and PEPE Price maintain the uptrend we can see 1,200%+ gain, with a price target of $0.000080 (a 10x from current levels) within the next bullish cycle.Source link
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