Connect with us
Active Currencies 14745
Market Cap $2,295,997,958,185.90
Bitcoin Share 53.85%
24h Market Cap Change $-3.20

Arthur Hayes joins PEPE frenzy, but will this fuel a 30% rally?

2min Read

BitMEX’s former exec is making his play in the memecoin market now.

Arthur Hayes joins PEPE frenzy, but will this fuel a 30% rally?

Share this article

  • PEPE appeared super bullish and could soar by 30% to reach the $0.0000132 level
  • PEPE’s Long/Short ratio, at press time, stood at 1.084 – Indicating strong bullish sentiment among traders

PEPE, the market’s third-biggest memecoin, has been making waves in the crypto landscape with its significant price surge of over 27% in the last two days. Following PEPE’s impressive performance, however, it would seem that Arthur Hayes, ex-CEO of BitMEX, couldn’t resist himself joining the rally.

Arthur Hayes’s big bet on PEPE

On 27 September, 2024, the on-chain analytics firm lookonchain revealed that that Hayes withdrew a notable 24.39 billion PEPE tokens, worth $252,680 from Binance.

This significant withdrawal from the exchange may be a sign that PEPE’s rally may have just begun and could soar significantly in the coming days.

Current price momentum

At press time, PEPE was trading near the $0.000001058 level, following a notable price surge of over 17.2% in the last 24 hours. Ocer the same period, its trading volume jumped by 40%, according to CoinMarketCap. 

PEPE technical analysis and key levels

According to AMBCrypto’s technical analysis, PEPE appeared bullish and looked poised to rally by 30% in the coming days. This sentiment recently shifted following the breakout from the long descending trendline and horizontal level of $0.00000875.

PEPE technical analysis

Source: TradingView

Based on the historical price momentum, after a price surge of over 27% in just two days, a small price correction may occur. However, over the long term, PEPE may be super bullish and could soar by 30% to reach the $0.0000132 level in the coming days.

PEPE’s bullish on-chain metrics

This positive outlook was further supported by on-chain metrics. According to the on-chain analytics firm Coinglass, PEPE’s Long/Short ratio stood at 1.084, indicating strong bullish sentiment among traders.

PEPE’s Long/Short ratio

Source: Coinglass

Additionally, its Futures Open Interest increased by 30%, with the same steadily rising since. This massive surge in PEPE’s Open Interest is a sign that bulls are potentially building larger long positions, compared to short ones.

PEPE’s open interest

Source: Coinglass

However, investors and traders often use the combination of rising Open Interest and a long/short ratio above 1, when building long positions. At press time, 51% of top traders held long positions, while 48.09% held short positions.

Share

Chanakya G is an analyst with 4 years of experience looking at the crypto-markets. His primary field of interest is the Altcoin market and its correlation with Bitcoin, and how that dynamic affects the larger sector.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.