Pepe Coin Sees Significant Rally

Pepe Coin has experienced a substantial rally, driven by a massive supply drop that propelled the token to a one-month high. This surge in price has been accompanied by skyrocketing trading volume and exchange outflows. The token’s value reached $0.00001200 on September 13, with trading volume exceeding $1.34 billion. This surpasses the trading volumes of other notable tokens, such as Shiba Inu and Pudgy Penguins, which stood at $406 million and $592 million, respectively.

Supply Drop and Investor Confidence

The significant drop in exchange supply, from 257 trillion on September 11 to 255.9 trillion, indicates increased confidence among investors. This decrease in exchange reserves suggests that investors are moving their tokens into self-custody, signaling their intention to hold onto their coins rather than sell. The reduction in supply, coupled with the surge in trading volume, has contributed to the token’s price increase.

Derivatives Data and Demand

Derivatives data points to increased demand for Pepe Coin, with futures open interest rising to over $765 million, the highest level since July. This growth in open interest began on September 5, when it reached a low of $500 million. The increase in open interest is a bullish indicator, suggesting that investors are becoming more optimistic about the token’s prospects.

Technical Analysis

The daily chart for Pepe Coin shows a significant rebound from a low of $0.0000091 to $0.00001200. This price movement occurred after the token formed a falling wedge pattern, characterized by two descending and converging trendlines. The Relative Strength Index (RSI) has continued to rise, reaching a high of 65, its highest point since July 22. Additionally, the Percentage Price Oscillator has formed a bullish crossover, further supporting the bullish outlook.

Forecast and Targets

Based on the technical analysis, the most likely forecast for Pepe Coin is bullish, with a potential target of $0.00001475, representing a 22% increase from the current level. This target is the token’s highest point in July. However, a drop below the ascending trendline that connects the lowest swings since March would cancel the bullish outlook.

Charlie Kirk Connection

The Pepe Coin mascot, “Pepe the Frog,” has also been in the spotlight due to its association with the Groyper movement, a far-right group led by alt-right activist Nick Fuentes. The movement’s mascot is a variant of the Pepe meme. Recently, reports emerged that conservative activist Charlie Kirk was killed by an individual allegedly associated with the Groyper movement. Fuentes has denied any connection to the incident. The attention surrounding the Pepe mascot has likely contributed to the increased interest in Pepe Coin.