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Pepe, the third-largest meme coin, has staged a strong comeback, soaring to its highest point in over a month as balances in centralized exchanges fell.
Exchange Outflows Are Rising
Pepe jumped to a high of $0.0000091, pushing its market cap to over $3.8 billion. This recovery coincided with the strong rebound of other meme coins like Shiba Inu, Dogwifhat, and Mog Coin, which rose by over 10%.
The market cap of all meme coins tracked rose by almost 7% in the 24 hours leading to September 26, reaching $50 billion.
The primary catalyst for this rally was the Federal Reserve’s significant interest rate cut last week, coupled with hints of more cuts in the future. Additionally, China, the second-largest economy, unveiled its biggest stimulus since 2020. Beijing is also contemplating a $142 billion capital injection to boost the economy.
PEPE breaking out + China about to flood the market with liquidity. Perfect storm for Chinese Pepe to shine. $PEIPEI full send it.
There are also signs that more investors are moving back to Pepe. According to recent data, Pepe had outflows worth $4.2 million on September 26, a six-fold increase above average. The total supply on exchanges has dropped by 0.35% in the last seven days.
A significant outflow from centralized exchanges indicates that more investors are moving the coin from exchanges to their own custody.
Pepe’s jump also coincided with a surge in futures open interest, reaching $129 million, its highest level since August 2.
Pepe Price Nearing Key Resistance
On the daily chart, Pepe bounced back after retesting the ascending support that connects the lowest swing since April. It jumped above the 50-day moving average and retested the 50% Fibonacci Retracement point at $0.0000090.
Pepe also moved to the major support/resistance level of the Murrey Math Lines at $0.0000090 and the Ichimoku cloud indicator.
The next level to watch will be $0.00000987, its highest swing on August 4 and the top of Murrey’s trading range. A break above that level could push it to the next target of $0.0000108, its March high.
#CryptoExchange #StableCoin
