Pepe the Frog, the web’s amphibian turned meme icon, has hopped onto a brand new platform – the crypto change Bitstamp. This milestone itemizing sparked a 31% value surge for Pepe’s namesake cryptocurrency, PEPE, however questions linger about its long-term hop potential.

Bitstamp Welcomes PEPE

The itemizing, introduced on February thirteenth, provided PEPE elevated legitimacy and publicity to Bitstamp’s 4 million customers throughout 100 international locations. The value responded accordingly, leaping from $0.00000098 to $0.000001244 inside 24 hours. A weekly rally of over 30% added to the bullish sentiment.

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— Bitstamp (@Bitstamp) February 13, 2024

Nevertheless, defying expectations, the itemizing didn’t set off the explosive value good points usually seen after main change entrances. Consultants scratched their heads as PEPE struggled to breach the $0.00000125 resistance degree – an important hurdle coinciding with the 50-day transferring common, a key indicator of long-term traits.

Supply: Coingecko

The bulls weren’t deterred. Regardless of sellers cashing in on the preliminary rise, one other try is underway, with PEPE reaching intraday highs of $0.0000012 at press time.

However a better look reveals a combined image. Quick positions on PEPE nonetheless marginally outweigh lengthy positions, suggesting some underlying bearishness. Whereas OKX customers exhibit uncommon optimism with a 2.7:1 long-to-short ratio, the broader market stays cautiously perched on the fence.

PEPEUSDT buying and selling at $0.00000125 on the 24-hour chart: TradingView.com

Nevertheless, one enviornment the place PEPE shines is buying and selling quantity. Within the derivatives market, it raked in a whopping $56.35 million, surpassing Shiba Inu ($35.28 million) and Bonk ($32.07 million) throughout the identical interval. This means vital investor curiosity, regardless of the value hesitation.

One other constructive hop was made in European adoption. Bitstamp’s European presence and announcement on Twitter counsel PEPE is inching in the direction of wider continental acceptance.

So, will PEPE lastly croak previous the resistance and leap to new heights? The reply, just like the meme itself, stays shrouded in a little bit of web thriller. Whereas the itemizing and preliminary value improve are encouraging, the muted market response and technical hurdles elevate questions. Traders ought to rigorously take into account their very own danger tolerance earlier than becoming a member of the Pepe frenzy.

In associated developments, the mixed order e-book for PEPE has seen a large surge, in line with the latest blockchain statistics. The derivatives buying and selling quantity for the meme forex has elevated by 115% within the final 24 hours, totaling $58.35 million.

The steadiness between pending purchases and pending gross sales, nevertheless, is skewed in favor of the bears. Regardless of the 180% improve in cryptocurrency merchants able to buy PEPE, the uneven order e-book, which topped $10 million in pending gross sales within the final day, signifies that many PEPE buyers are cashing out at the moment value vary, in line with CoinPaprika, a platform for cryptocurrency analysis.

Featured picture from Freepik, chart from TradingView