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Bittime - Pepe coin price continues its significant rise, surging 50% in a day and 200% in the past week. This increase prompts the question: what is driving such a rapid surge in PEPE/USDT prices?
One factor that may have an influence is the fear & greed index which currently shows "extreme" conditions in the crypto market. This condition is generally associated with an increase in overall market performance, including a surge in the price of meme coins such as Pepe.
PEPE/USDT Technical Analysis
Pepe, a frog-themed meme coin, was initially known for its concept of giving rewards to its users when trading. Currently, PEPE/USDT is trading at around $0.000003241, having experienced a daily increase of 45% with trading volume reaching $1,935,321,545. This price spike started on February 26 and continues to this day.
This PEPE/USDT price movement pattern is similar to what occurred at its launch in May 2023. At that time, PEPE reached its all-time high at $0.000004354, but then experienced a drastic decline. The current price increase raises investors' hopes that a similar price spike will repeat itself.
On-chain data shows a significant increase in the number of active PEPE wallets. This has contributed to the increase in the price of this meme coin by more than 200% in the last week. Furthermore, it was observed that there was an increase in whale transaction activity involving PEPE with a value of between $50,000 - $100,000.
Also Read How to Buy Crypto:
Opportunities and Risks: Learning from Smart Investors
The well-known crypto analytics firm, Lookonchain, revealed that there are a number of parties who have succeeded in taking advantage of the surge in PEPE/USDT prices. Six wallets are known to have sold 1.98 trillion Pepe coins worth $4.3 million for a total profit of $2 million.
One of the wallets, identified as “0xa145”, was recorded as having deposited $1.4 million in PEPE to the Binance exchange. Within six hours, the wallet owner managed to reap a profit of $515,000, or an increase of 97%.
The other five wallets are thought to be linked to the same owner, who is known to have again deposited 1.5 trillion PEPE worth $3.3 million to Binance. This action resulted in a profit of 82% or $1.49 million.
Tether (USDT) Price Today
Source: Bittime
Based on today's Bittime market, PEPE prices were observed to have decreased by 17.50% percent in the last 24 hours. Currently the price of PEPE to USDT is $0.0000028752.
Conclusion and Price Outlook for PEPE/USDT
The price of PEPE/USDT is experiencing a significant spike and is approaching its all-time high. If this momentum continues, the crypto community could potentially witness a new price record (ATH) for PEPE. Current market conditions, combined with increased whale activity against meme coins, are the main driving factors for the surge in PEPE/USDT prices.
However, it is important to note that the historical pattern of PEPE/USDT shows a drastic decline after reaching its highest point. Investors need to pay close attention to price movements and manage risks wisely before making investment decisions.
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How to Buy Tether (USDT) on Bittime
You can buy and sell Tether (USDT) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Tether (USDT) is available on Bittime with the USDT/IDR market pair . To be able to buy USDT/IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Tether (USDT) on Bittime .
Monitor price chart movements of Tether (USDT) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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