Pepe Coin Soared 12%, This Is The Cause!

Pepe Coin jumped 12% (Photo; Doc. U.Today)

JAKARTA - Pepe Coin (PEPE) has attracted attention with a marked price increase of 12% in the last 24 hours, a phenomenology that stands out amid the general decline in the market. The meme coin that captures inspiration from this popular frog image has shown tremendous resilience, with prices currently at 0.00001355 US Dollars (approximately Rp0.22), and impressive market capitalization of 5.7 billion US Dollars (approximately Rp92.7 trillion).

The PEPE price increase comes after a significant period of decline, at which this coin briefly peaked in May at an all-time high of 0.000001718 US Dollars (approximately IDR 0.28), before dropping to a low of 0.001168 US Dollars (approximately IDR 0.19). However, price drop is not new to PEPE; this coin is known for its ability to recover quickly and provides significant results for investors.

Factors That Encourage An Increase

According to CoinGape's information, an increase in network activity and a 23% increase in trading volume are the main factors behind the increase in PEPE prices. Trading volume currently reaches 1.42 billion US Dollars (approximately IDR 23 trillion), a drastic increase from the previous value of 714 million US Dollars (approximately IDR 11.6 trillion). Crypto exchanges such as OKX and Bitget are the main contributors, with trading volumes of 915 million US Dollars (approximately IDR 14.8 trillion) and 618 million US Dollars (approximately IDR 10 trillion), respectively.

The Open Interest rate also increased by 4.06%, reaching 140.63 million US Dollars (approximately IDR 2.2 trillion), signaling increased participation in futures trading and PEPE options. Meanwhile, the announcement of the Consumer Price Index (CPI) data showing a decline to 3.3% provided a bullish boost to the overall crypto market.

Analysts estimate that PEPE is in a bullish zone, with channel-up patterns that can push prices even higher. If this trend continues, the price of PEPE could rise to 0.000017 US Dollars (approximately IDR 0.28), after a 50% jump by the end of this month. Technical and average movement factors support this view, with a popular buy the dip' strategy among investors. The Relative Power Index (RSI) at 6.5 shows a strong buy zone, which could lead to further increases.