Pepe Coin price rises as 1.1 trillion leaves exchanges suddenly

Pepe Coin rallies on the heels of a massive supply drop, which helped propel the token to a one-month high as trading volume and exchange outflows skyrocket.

Pepe (PEPE) saw a seven-day rally, reaching a one-month high as futures open interest surged and exchange outflows increased.

The token hit $0.00001200 on Sep. 13, with trading volume topping $1.34 billion—surpassing Shiba Inu’s (SHIB) $406 million and Pudgy Penguins’ (PENGU) $592 million. This price jump coincided with a 1.1 trillion token drop in exchange supply, now at 255.9 trillion, down from 257 trillion on Sept. 11.

A drop in exchange reserves suggests more confidence among investors as they move them into self-custody. It also signals that they are not selling their coins. 

Derivatives data indicate increased Pepe demand, as the futures open interest continues to rise. It has jumped to over $765 million, the highest point since July this year. It started growing on Sept. 5 when it bottomed at $500 million. 

Pepe Coin price technical analysis

The daily chart shows that the Pepe price jumped from a low of $0.0000091 earlier this month to $0.00001200 today. This rebound happened after the token formed a falling wedge pattern, which is made up of two descending and converging trendlines.

Pepe Coin’s Relative Strength Index has continued rising, reaching a high of 65, its highest point since July 22. The two lines of the Percentage Price Oscillator have formed a bullish crossover. 

Therefore, the most likely Pepe forecast is bullish, with the next target being at $0.00001475, up by 22% from the current level. This target is its highest point in July. A drop below the ascending trendline that connects the lowest swings since March will cancel the bullish outlook.

Charlie Kirk connection

Pepe’s mascot, dubbed “Pepe the Frog,” also received attention this past week after reports circulated that conservative activist Charlie Kirk was killed by an individual who was allegedly associated with the so-called Groyper movement.

The Groyper movement is a far-right group led by alt-right activist Nick Fuentes, and their mascot is a variant of the Pepe meme. Before the killing, Groypers had for years disrupted Kirk’s events, accusing him of not being extreme enough. 

Fuentes has denied the connection.