Jacob inquires about BitPoint Japan’s decision to list PEPE and its effect on the memecoin’s price.
In recent times, memecoins have gained significant popularity, with PEPE being one of the favored choices among altcoins experiencing a surge in adoption.
This surge in adoption and interest has directly influenced the price trajectory of PEPE, which witnessed a remarkable 732.09% increase over the last year.
Given PEPE’s growing popularity, its recent listing on BitPoint Japan was a foreseeable move to tap into additional market demand.
BitPoint’s Inclusion of PEPE for Trading Purposes
Reports reveal that PEPE has secured a milestone by becoming the first memecoin to enter the Japanese market through its listing on BitPoint.
With this listing, users can engage in spot trading, lending, and fixed investment activities with the memecoin on the exchange platform.
This expansion into the Japanese market is poised to attract a broader customer base for PEPE, thereby fostering heightened trading engagements and bolstering its on-chain operations.
Assessing the Impact on PEPE’s Price Trends
Despite optimistic expectations surrounding the listing news, the prevailing bearish trends in the market have continued to dominate.
Currently, PEPE is trading at $0.000009422, reflecting a 1.31% decline in value over the past day. Furthermore, the memecoin has experienced decreases of 3.83% and 14.44% on the weekly and monthly charts, respectively.
These declines indicate the persistence of a strong downward trend, requiring substantial trading activities on BitPoint to potentially alter PEPE’s price trajectory.
Thus, while BitPoint’s market entry is noteworthy, ongoing market conditions suggest a probable price decline for PEPE before any signs of an upward movement.
Initially, there has been a decline in the memecoin’s active addresses from 18.7k to 13.6k on a weekly timeframe, signaling reduced engagement within the ecosystem and dampened market interest.
Furthermore, the transaction volume has decreased from 11.9 trillion to 9.28 trillion in the past two days, indicating a shift in investor sentiment and decreased blockchain participation.
Reduced on-chain activities strongly suggest that current price levels might be inflated, lacking substantial support from fundamental factors.
In summary, while the listing on the Japanese market is a significant development, its impact on PEPE’s price remains limited.
If market dynamics favor a positive response, PEPE could potentially reclaim the $0.00001 resistance level; however, in the current scenario, the memecoin may face a support level around $0.0000084 if the downtrend persists.