2024

Pepe

Pepe Coin

Crypto Market Analysis: The increasing demand from the traditional market through <a href="https://coingape.com/wall-street-bitcoin-etf-stong-pre-market-gains-btc-price-hit-60k/">spot BTC ETFs</a> continues to bolster the underlying asset Bitcoin. This digital asset raising for five consecutive days has recorded 17% growth to reach a currency trading price of $59722. 
On February 27, the <a href="https://coingape.com/bitcoin-etfs-clock-2-billion-trading-volume-for-second-day-blackrock-sets-new-records/">cryptocurrency market</a> saw significant activity with over $2 billion traded across the Nine ETFs, including a record $1.3 billion in trades for $IBIT. Alongside, LookonChain reported substantial institutional interest in Bitcoin, with eight spot ETFs adding 9,901 BTC ($564 million).&nbsp; 
Fidelity led these additions with 4,460 BTC ($254 million), followed by ARK21Shares with 2,394 BTC ($136.4 million), and <a href="https://coingape.com/btc-price-59k-blackrock-bitcoin-etf-massive-520m-inflow/">Blackrock</a> with 2,051 BTC ($116.85 million), while Grayscale reduced its holdings by 921 BTC ($52.5 million). These 10x to 12x demand from the traditional market against the 900 Bitcoin mined every day, accentuates an aggressive accumulation trend among investors. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Feb 27 Update: 
 8 ETFs added 9,901 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>($564M) today while <a href="https://twitter.com/hashtag/Grayscale?src=hash&amp;ref_src=twsrc%5Etfw">#Grayscale</a> only decreased 921 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>($52.5M).<a href="https://twitter.com/hashtag/Fidelity?src=hash&amp;ref_src=twsrc%5Etfw">#Fidelity</a> added 4,460 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>($254M);<a href="https://twitter.com/hashtag/ARK21Shares?src=hash&amp;ref_src=twsrc%5Etfw">#ARK21Shares</a> added 2,394 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>($136.4M);<a href="https://twitter.com/hashtag/Blackrock?src=hash&amp;ref_src=twsrc%5Etfw">#Blackrock</a> added 2,051 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>($116.85M);<a href="https://t.co/xsTRw2YsSJ">https://t.co/xsTRw2YsSJ</a> <a href="https://t.co/FTkY2FF9lj">pic.twitter.com/FTkY2FF9lj</a> 
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1762506405624561757?ref_src=twsrc%5Etfw">February 27, 2024</a>
</blockquote> 
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Amid the bullish trend altcoins like Ethereum (ETH), Gala, and Pepecoin (PEPE) may offer additional opportunities to enter long positions. 
Also Read: <a href="https://coingape.com/microstrategy-follows-bitcoin-with-mstr-share-gaining-10-whats-ahead/">MicroStrategy Follows Bitcoin With MSTR Share Gaining 10%, What’s Ahead?</a> 
<h2 id="b-ethereum-profitable-transfer-ratio-hits-record-high-fueling-rally-optimism-b">Ethereum Profitable Transfer Ratio Hits Record High, Fueling Rally Optimism</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/n/NAnJy4Gj.png" alt="BINANCE:ETHUSD Chart" width="1946" height="893">
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 Ethereum| Tradingview
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</figure> 
The second-largest cryptocurrency <a href="https://coingape.com/ethereum-foundation-affirms-dencun-upgrade-mainnet-launch-timeline/">Ethereum</a> is actively following the trail of Bitcoin recording a 15.3% jump within a week. Currently trading at $3345, the ETH price has witnessed a rally of nearly 50% since last month. 
According to the latest data from Santiment, a renowned crypto analytics firm, the Ethereum network is currently experiencing a significant uptick in the ratio of profitable on-chain transfers. As of this week, Ethereum boasts its highest ratio since November, with 2.3 profitable transfers for every one that occurs at a loss. This indicates a prevailing bullish sentiment among Ethereum holders, with many able to move their coins at a profit. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4c8.png" alt="📈" class="wp-smiley" style="height: 1em; max-height: 1em;"> This week, the <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> network is seeing its highest ratio of profitable <a href="https://twitter.com/hashtag/onchain?src=hash&amp;ref_src=twsrc%5Etfw">#onchain</a> transfers since November, with a 2.3 to 1 ratio of coins moving at a profit vs. loss. Meanwhile, <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>'s ratio is also quite high at 1.8 to 1. <a href="https://twitter.com/hashtag/Cardano?src=hash&amp;ref_src=twsrc%5Etfw">#Cardano</a> is one of the few seeing more loss… <a href="https://t.co/wLpCEpt7bZ">pic.twitter.com/wLpCEpt7bZ</a> 
 — Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1762628496638304578?ref_src=twsrc%5Etfw">February 27, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
An analysis of the daily chart shows the recent upswing gave a decisive breakout from the upper boundary of the expanding channel pattern on February 26th. An upside breakout from the setup which carried a bullish rally for over 100 days indicates the buyers are pushing an even more aggressive rally. 
The post-breakout rally may bolster the <a href="https://coingape.com/price/ethereum/">Ethereum price</a> chase potential target of $3600, followed by $3950. 
Also Read: <a href="https://coingape.com/ethereum-news-ico-investor-initiates-massive-coinbase-dump-as-eth-price-soars/">Ethereum ICO Investor Ignites Massive Coinbase Dump As ETH Price Soars To $3200</a> 
<h2 id="b-what-s-ahead-for-pepe-coin-after-200-surge-in-a-week-b">What’s Ahead for Pepe Coin After 200% Surge In a Week</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/v/vMCLVbk0.png" alt="BINANCE:PEPEUSDT Chart " width="1946" height="893">
 <figcaption class="wp-caption-text">
 Pepe Coin| Tradingview
 </figcaption>
</figure> 
The Frog-themed memecoin <a href="https://coingape.com/markets/whats-the-road-ahead-for-pepe-coin-price-0-000002/">PEPE</a> entered an aggressive recovery trend last week when the price rebounded from the $0.0000011 support. Within a week, the coin price surged over 200% to trade at $0.0000034 currently. 
Amid the broader market sentiment, the <a href="https://coingape.com/price/pepe-coin/">PEPE price</a> witnessed additional momentum with the breakout of inverted head and shoulder patterns. Moreover, a wallet reactivated after 650 days of dormancy withdrew 1.03 trillion $PEPE tokens from Binance, according to Lookonchain, a keen observer of on-chain activities.&nbsp; 
The withdrawal preceded a sharp increase in $PEPE’s value, leading to an unrealized profit of $1.34 million, a 95.3% gain, in under three days. This fortuitous timing raises questions about whether this was a case of smart trading strategies or potential insider knowledge. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 A wallet withdrew 1.03T <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PEPE</a>($2.76M currently) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> before the price of <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PEPE</a> increased, with an unrealized profit of $1.34M(+95.3%) in less than 3 days. 
 This wallet had been inactive for over 650 days before withdrawing <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PEPE</a> from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a>. 
 Smart trader or insider?<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f914.png" alt="🤔" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/sDLJcVl5EF">pic.twitter.com/sDLJcVl5EF</a> 
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1762683562049089979?ref_src=twsrc%5Etfw">February 28, 2024</a>
</blockquote> 
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With an intraday of 25%, the Pepe price recently breached the $0.00000287 resistance. If the price shows sustainability above this level, the Pepe coin may rise to $0.00000386, followed by $0.0000044. 
Also Read: <a href="https://coingape.com/bitcoin-nears-60k-reason-why-btc-eth-xrp-pepe-price-rising-today/">Bitcoin Nears $60K: Reasons Why BTC, ETH, XRP, PEPE Price Are Rising Today</a> 
<h2 id="b-gala-price-escapes-an-18-month-downtrend-b">GALA Price Escapes an 18-Month Downtrend</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/k/KAEwZHPc.png" alt="BINANCE:GALAUSDT Chart Image by sahilmahadik07" width="1946" height="893">
 <figcaption class="wp-caption-text">
 GALA Price| Tradingview
 </figcaption>
</figure> 
GALA, the core utility token for <a href="https://coingape.com/education/what-is-gala/">Gala Games</a> has showcased nearly 86.6% growth within a month as price surged from $0.02 to $0.038. This recovery in tandem with increasing volume and a massive surge in Open interest reflects sustainable growth. 
Recent data from Coinglass, a provider of derivative market analytics, indicates a significant spike in the GALA Futures Open Interest, which has soared by 168% in just a month, climbing from $46.54 million to $127.8 million. This substantial increase implies a growing interest from traders and investors in the future price movements of GALA.&nbsp; 
<figure id="attachment_183082" aria-describedby="caption-attachment-183082" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-183082" src="https://coingape.com/wp-content/uploads/2024/02/image_2024-02-28_17-43-50.png" alt="GALA Futures Open Interest" width="1687" height="469" srcset="https://coingape.com/wp-content/uploads/2024/02/image_2024-02-28_17-43-50.png 1687w, https://coingape.com/wp-content/uploads/2024/02/image_2024-02-28_17-43-50-300x83.png 300w, https://coingape.com/wp-content/uploads/2024/02/image_2024-02-28_17-43-50-1224x340.png 1224w, https://coingape.com/wp-content/uploads/2024/02/image_2024-02-28_17-43-50-768x214.png 768w, https://coingape.com/wp-content/uploads/2024/02/image_2024-02-28_17-43-50-1536x427.png 1536w, https://coingape.com/wp-content/uploads/2024/02/image_2024-02-28_17-43-50-150x42.png 150w" sizes="(max-width: 1687px) 100vw, 1687px">
 <figcaption id="caption-attachment-183082" class="wp-caption-text">
 GALA Futures Open Interest (USD)| Coinglass
 </figcaption>
</figure> 
Amid the recent rally, the GALA price gave a decisive breakout from a downsloping trendline which carried a downtrend for the past 18 months. This breakout signals a change in traders’ sentiment and the potential for a fresh recovery trend. With an intraday loss of 8%, the GALA price may retest the immediate support of $0.0355 or breach the trendline at $0.032. 
A post-test rally may bolster buyers to chase the $0.5 and $0.627 potential targets. 
The post <a href="https://coingape.com/markets/crypto-market-analysis-2-28-bitcoin-60000-eth-pepe-gala/">Crypto Market Analysis 2/28 As Bitcoin Peaks Near $60,000</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Crypto Market Analysis 2/28 As Bitcoin Peaks Near $60,000

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