PEPE hints bullish move, Here’s how?

Cryptocurrency Market Experiences Downward Trend, with Top Assets Declining

As of July 2, 2024, the cryptocurrency market remains in a bearish state. Leading cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) have all experienced significant price drops.

Massive PEPE Token Transfer Raises Speculation

Amidst the negative sentiment, the blockchain transaction tracker Whale Alert reported that an unknown whale transferred a staggering 1.28 trillion PEPE tokens (worth $14 million) from the cryptocurrency exchange Binance. The transfer did not have a noticeable impact on PEPE's price.

Potential Ethereum ETF Approval Fuels Optimism

Bloomberg ETF experts speculate that the massive PEPE transfer may be related to the potential listing of a spot Ethereum Exchange Traded Fund (ETF) in the United States by the Securities and Exchange Commission (SEC). If approved, the listing could positively impact PEPE and other top Ethereum-based tokens, as was observed when the SEC initially approved a spot ETH ETF on May 23, 2024.

PEPE Price Performance

At the time of writing, PEPE's price is hovering around $0.0000114, having declined by 2.2% in the past 24 hours. Over the past 7 days, the token has lost 3.3% of its value, while experiencing a 21% drop in the past 30 days.

Meme Coin Market Overview

Other popular meme coins, such as Dogecoin (DOGE), Shiba Inu (SHIB), and Dogewifhat (WIF), have also experienced declines, with losses of 1.5%, 0.5%, and 2%, respectively. However, the overall crypto-meme industry has gained 2.2%, accompanied by a 35% increase in trading volume.

Notable Performers

Bonk (BONK), Floki (FLOKI), and Book of Meme (BOME) stand out as the top performers in the meme coin market, with gains of 9%, 4%, and 3.5%, respectively.