Pepecoin Gains 18% As Arthur Hayes Shifts Focus To Meme Coins
American entrepreneur and former BitMEX CEO has been in the crypto spotlight lately due to his strategic investment moves, dumping PENDLE while accumulating Aerthir (ATH).
Hayes caught the attention of the digital assets community today following his endorsement of meme assets PEPE, MOTHER, and MOG, stating that “it’s time for a memecoin breakout.”
Arthur Hayes(@CryptoHayes) is calling for #MEMEcoins $MOTHER, $MOG and $PEPE! On-chain data shows that he withdrew 24.39B $PEPE($252.68K) from #Binance 20 minutes ago. Address: 0x6cd66dbdfe289ab83d7311b668ada83a12447e21
Lookonchain added that Hayes withdrew PEPE worth around $252.68K (24.39 billion tokens) from Binance.
The revelations added to PepeCoin’s ongoing recovery. The frog-themed cryptocurrency extended its daily gains by over 18% to explore $0.00001071.
MOG gained 10% in the past 24 hours, whereas Iggy Azalea’s MOTHER lost 3% on its daily chart.
MOTHER’s decline likely indicates buyer exhaustion after the meme token surged 70% and 230% in the previous week and month.
Meanwhile, the bullish stance in the broad market added to PEPE’s gains.
In this scenario you might ask is Pepe a good investment? Well, it could be as the global cryptocurrency market capitalization has jumped 2.85% in the past day to $2.31 trillion amid Bitcoin touching the $65.5k mark.
However, meme coins topped the charts as the total value of all themed cryptocurrencies jumped 17.9% in the last 24 hours to $55.6 billion, according to CoinGecko.
Moreover, a 24-hour trading volume approaching $14 billion underscores massive trader activity.
Source – CoinGecko
Analysts believe the crypto market has kick-started the “Uptober” party, forecasting continued upswings in the upcoming sessions.
The latest uptrend pushed Bitcoin beyond the local resistance of $65K.
The prevailing buyer resurgence amid improved sentiments will likely propel the cryptocurrency to $70K.
Analysts remain optimistic as bulls dominate in October. Lark Davis expects a smooth ride to $80K if BTC during the “Uptober” rallies.
The average return for Bitcoin in October is 22.90% If we see a 22% pump from current prices, it would take $BTC to $79,000. If that happens, Bitcoin would not only break its previous ATH, but also key resistance levels to set the stage for a parabolic move in November.
PEPE’s performance
The altcoin displays a bullish stance after climbing from a 24-hour low of $0.000009031 to $0.00001071, an 18.59% jump. One PepeCoin was worth $0.00001049 at press time, with a 55% surge in daily trading volume suggesting more upsides.
(Click on image to enlarge)
Source – Coinmarketcap
Moreover, technical indicators and on-chain metrics support the bullish narratives.
The Moving Average Divergence Convergence (MACD) has crossed the signal line to the upside on the daily chart, signaling a buyer edge.
Also, the Relative Strength Index highlights a massive upside momentum for PEPE.
The meme coin’s open interest has increased by 25% to $168.48 million (per Coinglass), reflecting positivity.
Moreover, the 24-hour Long/Short ratio of 1.076 indicates more room for uptrends.
A ratio of +0.5 and above shows most participants are holding longs, suggesting bullish sentiments within the market.
So, can PepeCoin reach $1? For now, the meme token eyes the crucial resistance market at $0.000011, beyond which it will sail to $0.000012.
With the improved broad market sentiment, Pepecoin could extend to $0.000015.
So, what is the future of PepeCoin? Experts say sustained bullishness amidst October rallies might propel the asset to $0.00002. That would translate to a 90.65% move from the current value.
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Disclaimer: This blog contains opinions and observations. It is not professional advice in any way, shape or form and should not be construed that way. In other words, buyer beware.
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