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418 Billion PEPE Distribution Could Lead to Price Surge

source-logo  coinedition.com 20 November 2023 14:52, UTC

The official Pepe (PEPE) X account announced earlier today that 418 billion PEPE tokens are set to be moved from the team’s wallet. The X post stated that the tokens will be sent to Binance Earn, and will be distributed to Binance users as rewards in a series of upcoming campaigns that will be announced at a later time.

418B $PEPE tokens are about to be transferred from the team wallet. These tokens are being sent to @binance Earn and will be rewarded to Binance users through various campaigns over the coming months that we are excited to share with you! 🐸 pic.twitter.com/V9diig8hwf

— Pepe (@pepecoineth) November 20, 2023

Judging from the comments on the post and the meme coin’s performance over the past day, it seems like the community has responded really well to the announcement. At press time, PEPE was worth $0.0000012 after its price managed to climb by 5.59% throughout the past day, according to CoinMarketCap.

This meant that PEPE was trading close to its 24-hour high price of $0.000001236. The meme also saw its intraday volume surge by over 88%, causing its volume to rise to $97.34 million.

The positive reaction by PEPE also caused its market cap to increase to $449.98 million, ranking it as the 88th largest token by market capitalization. This placed it right behind Apecoin (APE) in the 87th spot.

Additionally, PEPE ended up strengthening against Bitcoin (BTC) by more than 21% since yesterday. The token also managed to outperform most of the top 10 cryptocurrencies over the past seven days with its +2.31% positive weekly performance.

Daily chart for PEPE/USDT (Source: TradingView)

PEPE retested the key support level at $0.000001155 over the past 3 days. The meme coin’s price did drop below this level to reach a low of $0.000001090 on Saturday. Since then, bulls have scooped up PEPE and were able to boost its price to back above this significant mark.

Should PEPE’s current bullish momentum continue, the altcoin’s price may soon attempt a challenge at the next major resistance level. In this bullish scenario, PEPE could soar to as high as $0.000001378 in the next few days.

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