Pepecoin (PEPE) has seen an incredible 70% surge in price in the past 24 hours, significantly outperforming other meme coins. This is likely due to the risk-on environment in the crypto markets, evidenced by the high trading volume of $800 million and the liquidation of futures products. Investors are betting big on the frog-themed token.
The crypto market is on a tear this week and Pepecoin (PEPE) is leading the charge. The frog-themed token saw an enormous 70% gain, outperforming other meme coins like Shiba Inu (SHIB), Floki (FLOKI) and Dogecoin (DOGE). Futures liquidations suggest traders are exiting bearish bets on the token’s price, driving the surge. With bitcoin (BTC) leading the charge in a risk-on environment, the Pepecoin (PEPE) rally is likely fueled by outsized bets on altcoins and meme coins. In this article, we will discuss the huge gains seen by Pepecoin (PEPE) and explore the futures liquidations that suggest short covering is driving the surge.
- 1. Pepecoin (PEPE) Outperforms Other Meme Coins on Huge Crypto Rally
- 2. Futures Liquidations Suggest Short Covering for PEPE Gains
- 3. Pepecoin (PEPE) Surges 70% On Risk-On Environment Led by Bitcoin (BTC)
1. Pepecoin (PEPE) Outperforms Other Meme Coins on Huge Crypto Rally
Pepecoin (PEPE) surged as much as 40% in the past 24 hours, outperforming other popular meme coins like shiba inu (SHIB), floki (FLOKI) and dogecoin (DOGE). This impressive crypto rally was likely fueled by a risk-on environment and traders making outsized bets on riskier assets like altcoins and meme coins. PEPE’s trading volumes skyrocketed to over $800 million, according to CoinGecko data, as investors flocked to the frog-themed token. Futures products tied to PEPE also saw unusually large liquidations, suggesting that short covering – or traders exiting bearish bets on the meme coin’s price – might be exaggerating the size of the gain. All in all, this week has been huge for Pepecoin, and if this trend continues, there’s no telling how high the price of the crypto will go.
2. Futures Liquidations Suggest Short Covering for PEPE Gains
Futures liquidations for Pepecoin (PEPE) suggest short covering is driving the meme coin’s outsized gains this week. Crypto derivatives exchanges reported unusually large liquidations on futures contracts tied to PEPE, indicating traders were exiting bearish bets on the token’s price. This suggests short covering is helping to drive the meme coin’s rally.
PEPE rose as much as 40% in the past 24 hours and is up more than 70% this week. Trading volumes for the frog-themed token jumped to over $800 million, according to CoinGecko data, indicating strong buying interest. PEPE’s gains are significantly higher than other popular meme coins like SHIB, FLOKI and DOGE, even as developers of some of these tokens introduced ecosystem upgrades.
The surge in PEPE prices and higher-than-average liquidations on derivatives exchanges could indicate that traders are rushing to cover their bearish bets, exaggerating the size of the token’s gains. Short covering is an important factor in the crypto market as it can contribute to sharp price moves for a token. Analysts will be closely watching the meme coin’s price movements in the coming days to determine if the recent rally is sustainable or if it’s being driven by short covering.
3. Pepecoin (PEPE) Surges 70% On Risk-On Environment Led by Bitcoin (BTC)
Pepecoin (PEPE) has seen spectacular gains this week, skyrocketing over 70% in the past 24 hours as part of a broader crypto rally led by the leading cryptocurrency, bitcoin (BTC). The risk-on environment, which is characterized by investors taking on riskier assets such as altcoins and meme coins, likely contributed to the surge in PEPE prices.
The increase in trading volumes for Pepecoin to over $800 million, according to CoinGecko data, suggests that there was high buying interest for the frog-themed token. This is evident by the fact that PEPE’s gains were significantly higher than those of other meme tokens such as Shiba Inu (SHIB), Floki (FLOKI), and Dogecoin (DOGE).
Futures products tied to PEPE have also seen unusually large liquidations, which suggests that short covering – or traders exiting bearish bets on the meme coin’s price – might be exaggerating the size of the gain. Whatever the cause of the surge in Pepecoin prices, it is clear that investors are betting big on the meme coin as part of a wider risk-on environment.
In conclusion, Pepecoin (PEPE) has seen a huge gain this week, outperforming other meme coins such as SHIB, FLOKI and DOGE. Liquidations of futures products suggest short covering may be exaggerating the size of the gain, while a risk-on environment led by Bitcoin (BTC) likely fueled outsized bets on riskier assets, such as altcoins and meme coins. If this trend continues, Pepecoin may be one of the leading crypto assets of 2021.