PEPE Becomes Most Traded Meme Coin, Outsmarting DOGE With $4-B Volume
PEPE token surged 16%, closing a Cup & Handle chart pattern, with spot trading volume reaching nearly $4 billion, surpassing Dogecoin's $2.84 billion. PEPE's smart-contract trades hit $5.74 billion in derivatives, a 280% increase from the previous day. A significant wallet added 1 trillion PEPE tokens worth approximately $18.6 million, raising concerns about potential sell-offs. Chaikin Money Flow for PEPE/USDT turned positive, indicating cash inflow, but network growth indicators declined, suggesting the rally may be driven by large traders rather than new users. PEPE's total supply is around 420 trillion tokens, which could lead to volatility. Bitcoin's rise to over $104,000 may attract retail traders to smaller coins like PEPE, but risks of a pullback remain if Bitcoin falters. Price action for meme coins is unpredictable, and sustained growth depends on various market factors.
