The crypto market is facing another setback with the Bitcoin price drop. As a result, the majority of cryptocurrencies are under losses, including PEPE. The frog-themed meme coin, PEPE has succeeded in staying in a profit overall this week as the price has surged by 50%, but compared to its yesterday’s value, the token is in a 7% decline. The meme coin is currently trading at $0.000007373, which is just 31% away from its all-time high record set just a month and a half ago.

This crypto market fall is because of the post-Bitcoin halving volatility attacks as cryptocurrencies face sharp declines over the liquidation issues. Apart from that, the Middle East geopolitical situation is also worsening, impacting the performance of the market.

Not to forget, the crypto business leader Changpaneg Zhao has been battling a legal case with the US regulators for months now and is on the verge of a sense of three years. To make the situation worse, the Samourai Wallet founders are under arrest for the accusation of money laundering.

Despite all these falls, the meme market is comparatively doing fine as investors are turning towards meme coins for short-term gains.

Can PEPE Achieve A New ATH Soon?

PEPE is among the most preferred meme coins and has always succeeded in making a comeback out of such bearish situations. Even now, crypto analysts like Captain Faibik believe that PEPE can surge to an ATH because of the clear bullish flag patterns.

$PEPE is showing a clear bullish flag pattern breakout, indicating potential for breaking all-time highs.

Source: CryptoCove pic.twitter.com/KXrNhMliXV

— Bitcoinsensus (@Bitcoinsensus) April 25, 2024

Along with this, whale activity has also risen recently as an 11% surge has happened in whale transactions exceeding the $100,000 value. The number of such whales has increased to 273 from 246 within a single day.

Coinbase Futures Listed PEPE

On the 22nd of April, Coinbase announced the launch of the PEPE perpetual features on its platform. These perpetual protocols are Smart Contracts with no expiration date and replicate the underlying spot asset performance.

Coinbase has listed these options on the 23rd of April and has become the reason for its previous surge. Initially, Coinbase announced their plans for PEPE perpetual future contracts on the 11th of April, but because of technical issues, the plans got delayed till the 23rd.

Our 1000PEPE-PERP market is now in full-trading mode on Coinbase International Exchange and Coinbase Advanced. Limit, market, stop, and stop limit orders are all now available. pic.twitter.com/hO32wARVFu

— Coinbase International Exchange (@CoinbaseIntExch) April 23, 2024

This addition has helped PEPE to expand its market to cater to the demand for the token. PEPE presented a splendid performance in March, leading to increased demand for the meme coin. With the start of the March month, the token has surged from the low of $0.000002738 to the all-time high of $0.00001074. But that did not last long, as April hasn’t been good for the crypto market.

Conclusion

With a few bullish indications, there are chances for PEPE to get on track to attain the ATH target. The meme coin just needs a bullish push from the crypto market to create the momentum it had the previous month. If the market returns to its last month’s conditions, PEPE might succeed in going above the ATH before the month ends.

Read More Top Reasons Why BNB Might Hit $700 Soon

The post PEPE Price Surged 50% To Target A New ATH appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am