By AMB Crypto - 6 months ago - Reading Time: 2 minutes
Pepe’s rally: Investors flock in as volume soars and bulls take charge
Pepe’s volume surged by over 80% in the last 24 hours. Pepe maintains a bull run despite an over 3% decline.Pepe’s price has undergone fluctuations in recent months, initially being considered concluded at one point. Nevertheless, it has since rebounded and garnered increased attention from investors.
Investors turn to Pepe
According to a recent report, on 9th November, Pepe emerged as one of the most purchased assets among investors.
This finding resulted from an examination of trades conducted on centralized exchanges, revealing that investors acquired over $4 million worth of PEPE.
The substantial volume of these purchases positioned Pepe among the top five most acquired assets on these exchanges.
Also, this surge in interest is likely driven by expectations of a bullish market. As high-cap assets such as Bitcoin and Ethereum experience price surges, the overall market has also seen an uptrend.
Consequently, investors are turning their attention to low-cap assets in order to maximize profits during the bullish market phase.
Pepe’s volume rise by over 80%
According to CoinMarketCap data, the trading volume of PEPE has witnessed a notable surge in the past 24 hours.
As of the latest information, the volume has increased by over 80%, reaching a peak of over 100%. This was indicative of heightened activity.
Source: Santiment
Also, an examination of the volume chart on Santiment aligned with the current investor movements.
It revealed a consistent upward trend in volume over the past few days. Specifically, the chart depicted a spike to around $419.3 million on 9th November. As of this writing, the volume was around 365 million.
Price yet to catch up with volume trend
As of the closing bell on 9tj November, the daily timeframe chart for PEPE revealed an 11.76% increase in value. This signaled a prevailing buy pressure in the trade volume.
However, the asset was experiencing a loss exceeding 4% in value at press time. Despite this decline, it continued to trade above its short Moving Average (yellow line), indicating a positive price trend.
Source: TradingView
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Notably, the immediate support level has shifted with the recent upward movement in the asset’s value.
Furthermore, the Moving Average Convergence Divergence (MACD) analysis indicates that PEPE is currently in a bullish trend.
Original source: AMB Crypto