Pepe Coin Surges Following Major Supply Reduction
Pepe Coin (PEPE) has been soaring due to a meaningful drop in its supply. The cryptocurrency hit a one-month high on September 13, thanks to increased interest and reduced availability.
In just two days, over 1.1 trillion PEPE tokens left exchanges. This reduction brings the total exchange supply to 255.9 trillion, marking a decline from 257 trillion on September 11. Such a large drop in exchange reserves indicates growing investor confidence. people seem more inclined to hold onto their coins rather than sell, opting rather for self-custody.
The surge wasn’t only about supply. Trading volume for PEPE reached an extraordinary $1.34 billion.This milestone puts it ahead of other popular tokens like Shiba Inu (SHIB) and Pudgy Penguins (PENGU).
- Volume: $1.34 billion
- SHIB: $406 million
- PENGU: $592 million
Derivatives data also reflect increased demand for PEPE.Futures open interest has climbed to $765 million – the highest since July. It began this ascent on September 5,starting from $500 million.
Looking at technical analysis, the PEPE price rose from $0.0000091 to $0.00001200. This growth followed a falling wedge pattern, where prices bounced off two converging downward lines.
The Relative strength index hit 65, its peak as July 22. A bullish crossover in the Percentage Price Oscillator further supports optimistic forecasts. The projected bullish target is $0.00001475,representing a 22% increase from the current price.
However, falling below the ascending trendline could reverse these positive trends.
Pepe Coin’s mascot, “Pepe the Frog,” garnered additional attention after reports linked conservative activist Charlie Kirk to the far-right Groypers group. This group, associated with Nick Fuentes, uses a variant of the Pepe meme. While Fuentes denies a connection, the incident highlights the complex associations within crypto culture.
