Pepe’s price has surged this week, driven by Bitcoin’s recovery from this month’s low of $53,700 to over $65,000.
The PEPE (PEPE) token bottomed at $0.00000767 on July 5 but has since gained 57% to trade at $0.000012 on Thursday, marking its highest level since June 28th.
Analysts are bullish on Pepe price
Analysts are optimistic about Pepe’s price movement, noting that it has become the most actively traded meme coin. Data indicates that Pepe’s trading volume rose to over $1.2 billion on Thursday, surpassing Dogecoin’s $734 million and Shiba Inu’s $814 million.
Additional data from Coinglass shows that open interest in Pepe futures has increased to its highest point since June 7, reaching $148 million, primarily on OKX and Bitget. Open interest is often a good predictor of cryptocurrency price movements.
Meanwhile, some whales are still buying Pepe, which is a sign of confidence that it will bounce back. One whale bought 1.39 trillion Pepe tokens worth $16.7 million on Thursday.
— PEPAY (🐸,🪺) backed by $PEPE (@pepaycoineth) July 18, 2024Whales continue to accumulate $Pepe
This wallet accumulated 1.39 trillion $Pepe today, equivalent to 16.7 million USD. The whale accumulated this $Pepe in two separate transaction, one via CEX and the other from a related wallet.
Here is the breakdown of the 2 transaction by… pic.twitter.com/jqK0FHvyIX
Another whale bought 44.9 billion Pepe tokens while another one acquired 28.3 billion of them this week. Whale accumulation is often a positive move for a cryptocurrency. Another analyst noted that Pepe was about to form a ‘super bullish breakout.’
Bitcoin price forecasts
The bullish analysis on Pepe coincides with more estimates on Bitcoin. In an X post, Ki Young Ju noted that stablecoin inflows has grown, pushing their market caps to a record high of over $135 billion. Stablecoin growth is another positive sign since these coins are used to buy cryptocurrencies.
As was reported earlier, another analyst has predicted that Bitcoin price will rise to $220,000. He cited the upcoming conclusion of Bitcoin miner capitulation that has been going on in the past few weeks.
However, not everyone is optimistic about Bitcoin. Peter Brandt warned that, while Bitcoin had recovered this week, it was still forming a series of lower highs and lower lows.
While I am impressed by the current bounce in Bitcoin $BTC it should be noted that the sequence of lower highs and lower lows continues despite the halving, despite the ETf, despite the hype pic.twitter.com/V5M6FFaMpJ
— Peter Brandt (@PeterLBrandt) July 17, 2024
Bitcoin’s price action is important for Pepe and other altcoins since they thrive when it is doing well as we have seen this week. While Bitcoin rose by 20% from its lowest point this month, Pepe jumped by 56%.