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20% rally for PEPE? Examining how likely that is for the memecoin

Press Releases Crypto News AMB-Crypto 20% rally for PEPE? Examining how likely that is for the memecoin

PEPE has outperformed a few major cryptos lately
On-chain metrics revealed exchanges have seen outflows of $10.15 million in PEPE

One of the market’s most popular memecoins, PEPE might be rebounding on the charts now after a major price decline over the last two months. This, after its listing on the Japanese cryptocurrency exchange Bitflyer, which has added the memecoin to explore broader markets.

$10.15 million worth of PEPE outflows

This listing seems to be shifting the prevailing market sentiment somewhat. Especially as traders and investors have increased their participation, interest, and confidence in the frog-themed memecoin.

In fact, on-chain analytics platform CoinGlass revealed that exchanges have started seeing significant PEPE withdrawals – A sign of potential accumulation by whales and long-term holders.

Data also showed that in the last 48 hours alone, exchanges have seen outflows of approximately $10.15 million in PEPE memecoins.

Source: Coinglass

The sheer scale of these outflows from exchanges has the potential to create buying pressure and drive a further price rally.

Intraday traders’ participation

Worth noting, however, that this interest and confidence wasn’t quite synonymous with the mood of intraday traders.

According to Coinglass, bulls are the ones betting aggressively right now and are over-leveraged at $0.00001325 – Holding $2.20 million worth of long positions. Conversely, bears are betting at different levels and are over-leveraged at $0.0000137, $0.00001400, and $0.00001447, where they hold $6 million worth of short positions.

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Author: Vivaan Acharya

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