- VanEck shared a cryptic post on X that intrigued the crypto community.
- The post hinted at discussions around Pepe Coin, triggering significant speculation.
- This caused a noticeable movement in Pepe Coin’s price, providing fodder for investors.
Pepe Coin’s volatile journey continues as VanEck’s mysterious post stirs investor speculation.
VanEck’s Cryptic Tease Captures Attention
On X (formerly known as Twitter), investment giant VanEck posted an enigmatic frog meme surrounded by other animals in a presumed board meeting scenario. The caption read, “Important topics were discussed at the board meeting,” which led to rampant speculation about the possible inclusion of Pepe Coin in those discussions.
Market Reaction to the Mysterious Post
Pepe Coin experienced a volatile period immediately following VanEck’s post. Initially, the price dipped by 1.5%, hitting a low of $0.00001213 within 24 hours. However, the meme coin quickly rebounded, regaining momentum and rising by approximately 11% over the week. This resilience amid a bearish market was fueled by the excitement generated around VanEck’s cryptic message.
Pepe Coin Price Evaluation
Pepe Coin bottomed at $0.00001214 today before climbing to $0.00001245. Subsequently, its market capitalization hit $5.25 billion. Despite this resurgence, trading volume slumped 11.80% to $500.55 million. This pricing fluctuation underlined the coin’s volatility as it continues its roller-coaster journey in the cryptocurrency market.
Impact of Short Liquidations
Data from Coinglass indicates that short liquidations soared following the price rebound, with $1 million liquidated in the last 24 hours. This buying pressure could drive Pepe Coin prices higher, although the simultaneous liquidation of $715,610 in long positions might mitigate this upward pressure.
Technical Indicators and Future Prospects
Pepe Coin’s technical landscape offers a mixed but generally positive outlook. The daily Relative Strength Index (RSI) sits at 51, suggesting balanced buying and selling pressures. The Moving Average Convergence Divergence (MACD) has recently crossed over into bullish territory, indicating potential upward momentum.
Chart Patterns and Holder Sentiment
The 4-hour chart reveals that Pepe Coin broke out from a bullish flag pattern in May, but faces resistance from a larger ascending channel. Despite potential short-term pullbacks, there is a likelihood for another breakout if bullish momentum continues. According to IntoTheBlock, 84% of current PEPE holders are in profit, 5% at break-even, and 11% at a loss. Hence, a rise in prices might prompt long-term holders to realize gains, adding volatility to the market.
Conclusion
Pepe Coin’s latest price movements highlight the cryptocurrency’s inherent volatility influenced by market rumors and social media buzz. While technical indicators suggest a potential for upward movement, investors should remain cautious due to the high levels of short and long liquidations. The cryptic post by VanEck serves as a reminder of how external factors can dramatically influence crypto-assets, keeping investors on their toes.
