Pepe

Shiba Inu

<p class="is-style-lead">Pepe, the third-largest meme coin, staged a strong comeback, soaring to its highest point in over a month as balances in centralized exchanges fell.</p> 
<h2 class="wp-block-heading" id="exchange-outflows-are-rising">Exchange outflows are rising</h2> 
<p>Pepe (<a href="https://crypto.news/price/pepe/" target="_blank">PEPE</a>) 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 <a rel="" href="https://crypto.news/what-are-meme-coins/">meme coins</a> like Shiba Inu (<a href="https://crypto.news/price/shiba-inu/" target="_blank">SHIB</a>), Dogwifhat (<a href="https://crypto.news/price/dogwifhat/" target="_blank">WIF</a>), and Mog Coin, which rose by over 10%.</p> 
<p>The market cap of all meme coins tracked by <a href="https://www.coingecko.com/en/categories/meme-token" target="_blank" rel="nofollow">CoinGecko</a> rose by almost 7% in the 24 hours to Sep. 26, reaching $50 billion.&nbsp;</p> 
<p>The main reason for this rally was last week’s Federal Reserve’s <a href="https://crypto.news/crypto-products-see-surge-in-inflows-fueled-by-fed-rate-cut/" target="_blank">jumbo interest rate cut</a>, along with hints that more cuts were on the way. Additionally, China, the second-largest economy, unveiled its biggest stimulus since 2020. According to <a href="https://www.bloomberg.com/news/articles/2024-09-26/china-weighs-injecting-142-billion-of-capital-into-top-banks?srnd=homepage-americas" target="_blank" rel="nofollow">Bloomberg</a>, Beijing is also weighing a $142 billion capital injection to boost the economy.</p> 
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   <p lang="en" dir="ltr">PEPE breaking out + china about to flood the market with liquidity<br><br>Perfect storm for chinese pepe to shine <a href="https://twitter.com/search?q=%24PEIPEI&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">$PEIPEI</a> full send it <a rel="nofollow" href="https://t.co/EKnMKdcknf" target="_blank">pic.twitter.com/EKnMKdcknf</a></p>— CRG (@MacroCRG) <a href="https://twitter.com/MacroCRG/status/1839222208641569244?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">September 26, 2024</a>
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<p>There are also signs that more investors are moving back to Pepe. According to <a href="https://app.nansen.ai/token-god-mode?tokenAddress=0x6982508145454ce325ddbe47a25d4ec3d2311933&amp;chain=ethereum&amp;tab=exchanges" target="_blank" rel="nofollow">Nansen</a><strong>, </strong>Pepe had outflows worth $4.2 million on Sept. 26, a 6x increase above average. The total supply on exchanges has dropped by 0.35% in the last seven days.</p> 
<p>A significant outflow from centralized exchanges is a sign that more investors are moving the coin from exchanges to their own custody.</p> 
<p>Pepe’s jump also coincided with a surge in futures open interest, reaching $129 million, its highest level since Aug. 2, according to CoinGlass.</p> 
<p> You might also like: <a rel="" href="https://crypto.news/babydoge-surges-120-in-10-days-further-gains-or-correction-ahead/"> BABYDOGE surges 120% in 10 days, further gains or correction ahead? </a> </p> 
<h2 class="wp-block-heading" id="pepe-price-is-nearing-key-resistance">Pepe price is nearing key resistance</h2> 
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 <img loading="lazy" decoding="async" width="3574" height="1982" src="https://crypto.news/app/uploads/2024/09/Pepe-Price.png" alt="Pepe price" class="wp-image-14300029">
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  Pepe price chart | Source: <a href="https://www.tradingview.com/symbols/PEPEUSD/?exchange=CRYPTO" target="_blank" rel="nofollow">TradingView</a>
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<p>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.&nbsp;</p> 
<p>Pepe also moved to the major support/resistance level of the Murrey Math Lines at $0.0000090 and the Ichimoku cloud indicator.</p> 
<p>The next level to watch will be $0.00000987, its highest swing on Aug. 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.</p> 
<p> You might also like: <a rel="" href="https://crypto.news/whale-unstaked-30m-in-sol-will-solana-crash-again/"> Whale unstaked $30m in SOL; will Solana crash again? </a> </p>

Pepe nears crucial price as CEX outflows rise: Nansen

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