PEPE Price Shoots Up As Binance Expands To Serve MENA Region

• Binance now supports Pepe Coin trading in MENA fiat markets.
• The PEPE price soars amid whale accumulation and eyes a breakout.

PEPE coin is gaining significant attention as it expands its reach. The latest development of PEPE is that Binance, the latest cryptocurrency trading platform, has launched a new trading pair for PEPE. It will establish a P2P trading market for users in the Middle East and North Africa (MENA).

Following the announcement, the PEPE price rallied more than 5% and approached the resistance mark of $0.00002000. However, it failed to sustain and later sank over 2%.

At press time, PEPE was trading at $0.00001867, witnessing a decline of over 1.80% in the past 24 hours. Its market cap stood at $7.86 Billion, ranked 24th in the overall crypto market.

PEPE Coin Gains Support for MENA Fiat Pairs on Binance Platform

According to Binance’s official statement, the recent support will enable PEPE crypto to trade with the local currencies in the MENA region. With a large user base to trade PEPE through new pairs, the demand should increase. It should improve the market position of the PEPE coin.

The market participants believe this to be a positive move for PEPE’s future performance, especially given the slowdown in the broader cryptocurrency market.

It has attracted investors’ attention, especially after the performance of other meme coins, such as DOGE and SHIB.

Are PEPE Whales Driving the Surge?

In a recent post on X by Onchain Lens, a crypto whale has made a large purchase in the last 24 hours.

Per the transaction, a crypto whale bought over 107.89 Billion PEPE coins at an average price of $0.0000194, amounting to $2.1 Million.

The significant whale accumulation shows that large investors have reignited their interest in PEPE’s potential for a rally in the coming days.

PEPE Price Action and Metrics Standpoint

PEPE price action indicated a double bottom formation around the $0.00001700 mark. It traded in a strong bullish phase and held gains above the key EMAs. However, the meme coin was facing a trendline hurdle of $0.00002000 and struggled to register a decisive close above it.

Once it clears the barrier of $0.00002000, it could see a significant upswing and move toward the $0.00002500 mark in the coming days.

The Relative Strength Index (RSI) had a reading of 50, depicting neutral indications on the chart. However, the MACD indicator remained firmly positive, signaling a bullish crossover on the chart.

The increase in daily active addresses for PEPE was encouraging as well. In the last seven days, new addresses rose over 52.79%, while active addresses soared over 57%, highlighting growing user engagement and interest in the ecosystem.

This surge in network coincides with recent price growth, as increased demand often drives strong market confidence.

The price action signals the likelihood of a breakout above the $0.00002000 mark in the near term and continuing its upward trajectory.

However, if the immediate support zone of $0.00001700 was breached, the bullish thesis would be invalidated.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.