Memecoin Traders Made $2M Profits in Pepecoin ($PEPE) Price Rally
Crypto Bull Run
The recent surge in the value of Pepe and other memecoins can be attributed to the broader market momentum initiated by Bitcoin's ascent to $57,000 on February 26.
Pepe, a popular memecoin, experienced a remarkable 118% increase in value over the last two days, reaching its highest point in 10 months by February 27.
At the time of reporting, Pepe was being traded at $0.000002719, reflecting a 60% increase within a 24-hour period. Although the token peaked at $0.0000029, it later relinquished some of these gains in the preceding two hours, according to data from coinpedia markets.
Presently, Pepe boasts a market capitalization surpassing $1 billion, accompanied by a staggering 480% surge in its 24-hour trading volume, which now stands at $1.38 billion.
Top Reasons for Pepecoin ($PEPE) Price Rally
Pepe Coin surged to a 10-month high, driven by the overall recovery momentum in the crypto market over the past two days.
The market uplift saw several digital assets, including Bitcoin, reclaiming price levels last observed in 2021.
Pepe's OI-Weighted Funding Rate experienced a notable increase from 0.0169% to 0.12%, signaling bullish sentiment among traders.
Despite a retreat to 0.06% during the retracement, the rise in the funding rate suggests a growing willingness among traders to pay more for holding long positions, anticipating higher future prices.
Bitcoin's recent rally has had a positive impact on Pepe and other memecoins, resulting in increased interest and investment in these niche digital assets.
This indicates a renewed enthusiasm for memecoins within the cryptocurrency community.
Discover more detailed insights about Pepe Coin's recent surge and its correlation with the broader crypto market recovery by visiting Coinpedia's website.
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