Arthur Hayes Joins PEPE Frenzy—Will This Fuel a 30% Rally?

PEPE, the third-largest memecoin, surged over 27% in two days, with bullish sentiment intensifying after Arthur Hayes withdrew 24.39 billion PEPE tokens from Binance. Analysts predict a 30% rally ahead.

PEPE, one of the top three memecoins by market capitalization, has recently witnessed a major price surge, gaining over 27% in just two days. The memecoin’s rally caught the attention of Arthur Hayes, the former CEO of BitMEX, who made a significant withdrawal of PEPE tokens, hinting at further upward momentum.

Arthur Hayes Joins the PEPE Rally

On September 27, 2024, on-chain analytics platform Lookonchain revealed that Arthur Hayes withdrew 24.39 billion PEPE tokens, valued at $252,680, from Binance. This notable move suggests that Hayes is positioning himself for a potential further rise in PEPE’s price.

Current Price Momentum

As of press time, PEPE is trading near $0.000001058 after a significant 17.2% price increase in the last 24 hours. PEPE’s trading volume also saw a substantial rise, jumping by 40%, indicating heightened interest in the token.

Technical Analysis and Key Levels

According to technical analysis from AMBCrypto, PEPE has broken out from a long descending trendline, signaling bullish momentum. The breakout from the $0.00000875 level suggests that PEPE could continue its upward trajectory, with a 30% rally potentially pushing the price to $0.0000132.

However, after such a strong rally, a short-term price correction may occur before the next upward surge. In the long run, analysts remain optimistic, predicting that PEPE will continue its bullish trend.

On-Chain Metrics Support Bullish Sentiment

PEPE’s bullish outlook is further supported by positive on-chain metrics. Coinglass reported that PEPE’s Long/Short ratio stands at 1.084, indicating that traders are predominantly taking long positions, reflecting confidence in the memecoin’s further price gains.

Additionally, PEPE’s Futures Open Interest has surged by 30%, indicating that investors are increasingly building long positions. At the time of writing, 51% of top traders were holding long positions, compared to 48.09% with short positions.

Conclusion

With Arthur Hayes joining the PEPE rally and bullish technical indicators supporting the memecoin’s upward trajectory, PEPE could be on the verge of a 30% price surge. Traders and investors should watch closely for key resistance levels and potential short-term corrections before the next rally.

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