Pepe price rises 13% after Binance launches promotion. Could This New Meme Coin Soar Next?
The price of Pepe (PEPE) has surged more than 13% in the past few hours after Binance announced that it is launching a new promotion for the token on its Simple Earn platform.
But it’s not just PEPE that’s receiving attention. Pre-sale project Bitcoin Minetrix (BTCMTX) has also attracted investor attention after raising an impressive $11.3 million in funding.
The price of PEPE is currently hovering around $0.00000132, its highest since January 12th.
This price rise comes after Binance announced a new Simple Earn promotion on Twitter.
Basically, Binance is encouraging people to buy and hold PEPE by offering free tokens and increasing interest rates, which is creating new demand.
Promotion has two elements: The first is giving away 700,000 free PEPE to new Simple Earn Locked Product users who correctly complete the quiz.
The second factor allows all Binance users to earn an additional 9% APR on top of their real-time APR simply by holding PEPE.
Buying pressure on PEPE has surged as more investors look to take advantage of this offering.
24-hour trading volume increased 117% to $225 million.
However, questions remain as to whether this is simply a short-term pump caused by the promotion or if PEPE will remain at higher levels when it ends.
PEPE’s technology suggests further bullish momentum ahead
Looking at PEPE’s technicals, there is reason to believe that the price surge seen over the past few hours could continue to show strength.
Looking at the daily chart, PEPE appears to be breaking out of the bullish pattern that has been in place since February 15th.
These patterns typically feature explosive upward breakouts.
PEPE appears to have confirmed this by breaking the resistance at $0.00000130.
Additionally, PEPE used the 200-day simple moving average (SMA) as support before moving higher.
This SMA often acts as a price floor and provides a backstop in the event of a decline.
Therefore, the Binance promotion may be a short-term catalyst, but the technical situation indicates that there may be additional upside for PEPE even without such incentives.
A bull flag breakout, moving average support, and previous early February gains are all signs that PEPE could have momentum to regain the yearly high it set on January 10th.
Is Meme Kombat the next Meme coin to surge as it gets closer to listing on exchanges?
All the buzz about PEPE has sparked a search for the next groundbreaking meme coin.
One of the new meme coins vying for attention is Meme Kombat (MK), which is less than two weeks away from its first exchange listing.
Meme Kombat offers a fun, meme-inspired fighting arena where MK holders can bet on fun fights.
The outcome of each fight is decided on-chain, and those who bet on the winning fighter receive more MK tokens.
There is also a staking system where users can earn rewards just by locking up their MK tokens.
By staking MK and supporting different fighters in the battle arena, users have a variety of ways to potentially profit.
This game-centric approach and fun visuals make Meme Kombat an eye-catching new entry point into the meme coin market.
Pre-sales for Meme Kombat were met with great reviews, recently reaching their $10 million funding goal. Twitter And Telegram.
However, interested investors have one last chance to purchase MK tokens at a discounted price of $0.279 before Meme Kombat is listed on exchanges.
No specific exchanges have been announced yet, but considering Meme Kombat’s massive pre-sale markup, some believe MK could be listed on a Tier-1 platform.
Ultimately, the recent hype around PEPE has been good news for smaller meme coins like Meme Kombat.
With its public market debut just around the corner, MK could be worth watching for a potential price surge soon.
Investors can still purchase MK tokens on memekombat.io using ETH, USDT or BNB.