PEPE has emerged as one of the top performers in the crypto space in the last 48 hours. When Bitcoin surged around 9% after Powell’s testimony, PEPE coin surged 15% with a 130% rise in trading volume. Investors and Pepe enthusiasts are optimistic about the growth, and PEPE will soon cross the $1 billion market cap.
Let’s discuss the performance of Bitcoin and how it helps to create positive momentum for meme coins.
3 Reasons for Bitcoin Rally after Powell’s Testimony and Fed Rate Hike Decision
Bitcoin has experienced a significant rise in value over the past few days, and several factors have contributed to this uptrend.
Short Squeeze on BTC After Fed Rate Hike Decision
One of the key reasons is the short squeeze. This happens when traders who bet on Bitcoin’s price dropping are forced to close their positions by buying Bitcoin, causing the price to surge. In this case, the short squeeze resulted in Bitcoin surpassing $28,000, marking the largest short squeeze of the month.
Searching for an Alternative Asset Class
Another factor fueling Bitcoin’s rise is the possibility of a US Federal Reserve interest rate hike. When the Federal Reserve increases interest rates, it can decrease the value of traditional currencies and drive investors towards alternative assets like Bitcoin. The anticipation of such a rate hike has generated interest in Bitcoin as a hedge against potential currency devaluation.
BlackRock’s Bitcoin Exchange-traded Fund
Furthermore, the announcement of a Bitcoin ETF by BlackRock, the world’s largest investment management firm, has positively impacted market sentiment. BlackRock’s filing for a spot Bitcoin ETF with the US Securities and Exchange Commission (SEC) has spurred other financial institutions to follow suit and express interest in the crypto market. This influx of institutional attention and investment has instilled confidence among investors and contributed to the recent rally.
Rise of PEPE Coin and the Future
PEPE coin has recently experienced a sudden rise in value, surprising many traders who had lost hope in the digital currency. This resurgence has brought renewed excitement to the PEPE holders, as the token had previously dropped to a multi-week low. Currently trading at around $0.000001425, the price surge was fueled by a significant increase in trading volume over the past 48 hours.
While PEPE has made a name for itself in the world of meme coins, its growth may have a limited impact on the broader market as altcoins are generally more influenced by Bitcoin. However, the positive sentiment surrounding PEPE’s recent growth has been embraced by retail investors as well as Pepe coin price predictions. This revival extends to other meme coins as well.
Rise of Shiba Inu, Dogelon Mars and Floki Inu
These meme coins have recently experienced a surge in popularity and value, and there are compelling reasons behind their rise. These meme coins have witnessed the success of meme coins like Dogecoin, and investors are eager to find the next big thing in this space.
Moreover, the positive sentiment in the broader crypto market, fueled by the growth of Bitcoin (BTC) and Ethereum (ETH), has created an optimistic environment for meme coins. Besides that, the power of social media and online communities has played a significant role in spreading the word and generating hype around these coins.
Will PEPE Coin Eclipse Other Meme Coins?
Indeed, the PEPE coin can be the ‘next big thing’ in the meme space; our PEPE price prediction shows an expected range from $0.0000035 to $0.0000046 in the next two years. By 2030, the price could potentially surge from $0.000010 to $0.000013.
This forecast suggests that the PEPE coin has the potential to outpace other meme coins like Shiba Inu, Dogelon Mars, and Floki Inu. With its positive growth momentum, PEPE coin could attract more investors and establish itself as a prominent player in the meme coin space.