BCGAME - Free 5BTC Daily Bonus!- PEPE sets new ATH after 233% rise.
- Robust demand in derivatives boosts PEPE value.
- Movement of large holders indicates profit taking.
The cryptocurrency market is witnessing a phenomenon with PEPE, which, following the upward trajectory of Dogecoin, broke its previous record and reached new heights.
This dizzying rise comes after a period of struggles to maintain its upward trend, with the lowest point of the month being $0,00000771, recorded on November 4. Since then, PEPE's value has risen by around 230%, evidencing a strong rotation of liquidity in the market.
The derivatives market played a crucial role in this surge, with open interest in PEPE futures peaking at $281,84 million, the highest on record. This surging interest began in September, but it was only recently that the spike confirmed robust demand for these derivatives.
However, despite the optimism, the market is showing signs of caution. Short positions have been dominant, indicating an expectation of potential selling pressure, a common reaction after significant price rallies. “Speaking of which, liquidations were almost uniformly matched according to Coinglass. Long liquidations across all exchanges in the past 24 hours peaked at $1,43 million, while short liquidations were slightly higher at $1,44,” the data reveals.
The movements of large holders are also of great interest. The volume of PEPE held by whales increased from 1,81 trillion on November 2 to 39,66 trillion on November 13, while outflows rose to 40,77 trillion tokens in the same period. This dynamic suggests that while whales are actively involved, they are also taking profits, thus balancing the buying and selling pressure.
PEPE Coin Price
Over the past two days, PEPE has seen significant appreciation, surpassing the all-time high of $0,00001725, reached on May 27, and setting a new record high of $0,00002590. At the time of publication, PEPE’s price is quoted at $0,00002176, up 2% in the last 24 hours.
PEPE coin cryptocurrency if there is a clear break above $0,00002590, it can rally towards the $0,00003500 level in the near term, above which the price can rally towards the $0,00005000 level.
