Benzinga - Pepe (CRYPTO: PEPE) is trading around 19% higher in the past 24 hours amid rising token holders and optimistic analyst sentiment.
What Happened: According to a tweet by Plazma on March 20, new holders have increased by 765, taking total Pepe holders to 189,332, compared to 173,992 holders on March 6, as per Etherscan data.
This comes amid Robinhood launching a self-custody crypto wallet where Pepe is available for trading. Furthermore, crypto.com gave away $500,000 in PEPE new users of the platform.
In the past 24 hours, Pepe has defied the broader meme coin market momentum, as the community celebrates World Frog Day.
Also Read: Pepe Coin Leaps 31%, Chases Top 3 Memecoin Ranking Behind Doge, Shiba Inu
Why It Matters: Pepe has surged 19% on the day, significantly ahead of Shiba Inu’s 7% gains. Trading volume for Pepe stands at $1.65 billion, very close to the second-ranked meme coin Shiba Inu‘s (CRYPTO: SHIB) trading volume of $1.75 billion.
Crypto technical analys Davie Satoshi sees Pepe doing a 3x from current levels, taking its market capitalization beyond $9 billion. It could peak to $20 billion valuation, but “those become more hypothetical whereas the target listed above is at least more likely and supported by TA," according to the trader.
Heavily-followed trader TheFlowHorse has an optimistic view on Pepe:
Case in point.$PEPE is still very strong out of the hole and for the first time after a couple weeks of consolidation has retested the anchored vwap from the origin of he entire move.I'm a buyer around here. pic.twitter.com/UYmuJLDSZR
— HORSE (@TheFlowHorse) March 20, 2024
While the Pepe community recently cheered Elon Musk posting the meme, the current momentum could signal Pepe prices rising higher.
Read Next: Pepe Leaps Into Action With 10% Daily Gain: ‘Elon Has No Issue Consistently Posting Pepe,’ VC Points Out
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