When BitPoint Japan added PEPE to its platform, how did the value of this memecoin respond?
In recent times, memecoins have gained significant popularity, and among them is PEPE, which has witnessed substantial adoption.
This surge in adoption, demand, and interest has directly influenced the price movement of PEPE, with an impressive increase of 732.09% over the last year.
Given the growing popularity of PEPE, its recent listing on BitPoint Japan was a predictable move, offering the opportunity to tap into a broader market demand.
PEPE’s Inclusion in BitPoint’s Trading List
As per the latest update, PEPE is the first memecoin to make an entry into the Japanese market through its listing on BitPoint.
With this listing, traders can engage in spot trading, lending, and fixed investment of PEPE on the exchange.
By venturing into the Japanese market, PEPE will gain access to a larger consumer base, leading to increased trade volumes and reinforcing its on-chain presence.
Effect on PEPE’s Price Performance?
Despite optimism surrounding this development, the existing bearish trend has continued to impact PEPE’s price performance.
Currently, the memecoin is trading at $0.000009422, experiencing a 1.31% decline in the past day. Additionally, it has dropped by 3.83% and 14.44% on the weekly and monthly charts, respectively.
These declines indicate the persistent bearish momentum, suggesting that substantial trading activities on the new platform are required to alter the price trajectory significantly.
Although BitPoint’s market entry was anticipated to be positive, prevailing market conditions might lead PEPE towards a downtrend before any potential upswing.
Initially, the number of active PEPE addresses had decreased from 18.7k to 13.6k on a weekly basis, indicating reduced ecosystem participation and declining market interest.
Furthermore, the transaction volume declined from 11.9 trillion to 9.28 trillion in the last two days, hinting at a change in market sentiment, with fewer investors engaging with the blockchain.
A notable decrease in on-chain activities suggests that the current price levels may not be justified by the underlying fundamentals.
To summarize, while PEPE’s listing on BitPoint Japan occurred, its impact on price trends has been minimal thus far.
If the listing does trigger a response, PEPE might aim to surpass the $0.00001 resistance level, but in the absence of a turnaround, the next support level for PEPE could likely be around $0.0000084.