PEPE Price Set To Soar As Vitalik Buterin Buys In: Can It Hit $1?

• PEPE price surged over 2% intraday and 1200% over the past year, sparking bullish sentiment.
• Vitalik Buterin purchased 508.6 million PEPE tokens, sparking significant market attention and speculation on future growth.

The frog theme-based memecoin, PEPE, has grabbed market attention. This happened because Vitalik Buterin bought a significant number of PEPE tokens.

The transaction data showed Buterin acquired 508.6 million PEPE tokens through this purchase. That sparked market speculation about whether the PEPE coin could reach the $1 mark.

At press time, the PEPE price was trading at $0.00001591, noting a rise of over 2.90% in the past 24 hours. Its market cap soared to $6.69 Billion, ranking 26th in the crypto market.

How Vitalik Buterin is Boosting PEPE Crypto Market Potential

PEPE coin caught market attention when Vitalik Buterin added PEPE to his collection. Over the past years, investors have put capital into this token and continued to accumulate.

Through this engagement, Vitalik could steer further capital. It has the potential to bring more focus and funds towards particular projects. Market participants tracked the PEPE price movements to see whether Buterin’s support led to significant long-term gains.

Buterin decided to buy PEPE because it creates a significant growth opportunity in the industry. The purchase was approximately $10,500, which is a small amount for financial purposes.

However, the substantial number of tokens he purchased showed his belief that this asset would keep expanding its growth. The recent rally in Bitcoin further supported the discussion that the PEPE crypto was poised to reach the $1 mark.

PEPE Coin Sees Growth in User Activity

Data from IntotheBlock highlighted that the number of large transactions noted a spike. The PEPE price surged over 22% in the past 24 hours. This significant spike in large transactions conveyed a strategic accumulation of growing optimism.

As accumulation rises, PEPE crypto could see a resurgence in value, further supported by network growth. The daily active and new addresses surged over 23% in the past seven days.

This highlighted increased adoption and demand for the network. It is a bullish sign, as a rise in active addresses and transactions could fuel a price rally.

PEPE Price Outlook: What Do Charts Say?

Per the daily chart analysis, the PEPE price hovered in a downward channel and struggled around the 200-day EMA mark. However, the recent buying by Vitalik Buterin sparked a bullish hope that PEPE could change its course.

PEPE’s RSI line stayed below the neutral 50, signifying the lack of bullish momentum. Also, a bearish divergence was still intact, which favored the downtrend.

However, the downward trend remained intact, and the PEPE coin continued to form lower tops and bottoms. A significant retracement may continue until the trendline barrier of $0.00002000 is breached.

On the downside, the support zone of $0.00001200 was the crucial level to watch out for. If it breaks, a further decline toward $0.00001000 can be anticipated.

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.