👀 Ones to watch: Undervalued stocks to buy before they report Q3 earningsSee Undervalued Stocks

Pepe's Retail Appetite Chases Shiba Inu, With 309% Increase In Revolut Customer Holdings: Trader Sees 'A Mini Bull Flag'

Published 30/04/2024, 13:10
© Reuters.  Pepe's Retail Appetite Chases Shiba Inu, With 309% Increase In Revolut Customer Holdings: Trader Sees 'A Mini Bull Flag'
ETH/USD
-
SHIB/USD
-

Benzinga - Pepe (CRYPTO: PEPE) is in a consolidation period, but traders remain optimistic given increasing retail demand and transaction volumes.

What Happened: Revolut, the U.K.'s leading finance and crypto app, has seen a significant shift in its customers’ cryptocurrency holdings, with Pepe now surpassing Ethereum (CRYPTO: ETH) in terms of total holdings.

The data shared by cryptocurrency trader degenharambe, citing the company’s wallet, reveals that PEPE holdings of Revolut customers have increased by 309%, a 1,700% increase in dollar value since the beginning of the year (2.73 trillion PEPE coins worth $3.55 million) until now (8.46 million PEPE coins worth $61 million).

Shiba Inu (CRYPTO: SHIB) holdings among Revolut customers have grown more modestly, from 1.52 trillion coins worth $15 million to 1.87 trillion coins worth $45.2 million, representing a 23% increase in tokens and a 300% increase in dollar value.

The trader writes, "If just 2.5% of their customers hold Pepe, that could be another 1M unique holders," highlighting Pepe's retail adoption and rising interest in the meme coin ahead of other established cryptocurrencies.

Price Action: At the time of writing, PEPE is down 1.3% on the day, trading at $0.000006845 on an 31.3% increase in trading volumes to $771.95 million.

Also Read: Pepe Up 42% On The Week: ‘Don’t Buy Dogs, Cats…Buy Real Memes’ Says Crypto Trader

Why It Matters: IntoTheBlock data shows an 11.2% increase in large transaction volume for Pepe, reaching 66.4 million, while holders’ balances saw a notable 2.8% increase to 229.9 million. Transactions greater than $100,000 grew from 165 on April 28 to 187 on April 29, indicating growing interest from larger investors.

Despite a 15.5% drop in Pepe’s price over the past month, 71% of Pepe holders are still in profit at the current price levels. This suggests a strong base of support for the meme coin, even amid short-term price fluctuations.

Crypto trader NFTDavie, in his latest tweet, points out that the recent choppy price action in Pepe is starting to resemble a mini bull flag pattern. He believes that the meme coin is “channeling its energy for the next explosive move up,” hinting at a potential breakout in the near future.

Another well-known trader, Cold Blooded Shiller, analyzes Pepe’s technical chart and notes that the coin is consolidating above a former significant level. He maintains a bullish outlook on Pepe and considers the opportunity to take a shot “worth it” if the meme coin begins to break out from its current consolidation phase.

What's Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.

Read Next: Pepe Up 50% On The Week: ‘Cult Community’ May ‘Flip SHIB And Possibly Even DOGE,’ Predicts Influential Trader

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image: Shutterstock

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.