The recent Pepecoin (PEPE) rally experienced a halt when Binance, a leading cryptocurrency exchange, listed the frog-themed cryptocurrency last Friday. Despite setting an all-time high of $0.00000431 just 40 minutes after listing, the token’s value dropped to around $0.0000022 at the time of writing. This downward trend, according to crypto services provider Matrixport’s Markus Thielen, corresponds with the decline in news volume following the Binance listing. Moreover, early investors’ profit-taking might have accelerated PEPE’s sharp pullback.
In the meantime, market-leaders Bitcoin (BTC) and Ether (ETH) continue to exhibit lowered volatility expectations amidst persistent macroeconomic uncertainties. Crypto exchange Deribit’s Ether implied volatility index reached a record low, intensifying its six-month downtrend. Griffin Ardern of Blofin believes structured product option selling contributes to the decrease in implied volatility. Unsurprisingly, many experts think it’s time to buy volatility, especially within the Ether market.
On another note, the Aave community decided to deploy its version 3 (V3) on the Ethereum layer 2 ecosystem, Metis Network. The partnership aims to boost liquidity for both platforms and offer liquidity mining incentives to Aave users. Metis plans to provide 100,000 native METIS tokens as liquidity mining incentives, distributed over six months. At press time, both AAVE and METIS were down, at 4.5% and 3.5% respectively.
Bitcoin’s price experienced a downturn when it penetrated the 50-day simple moving average (SMA), following its triangular consolidation. Analysts suggest that if the SMA support breaks down, a more profound sell-off could ensue.
It is essential to weigh the pros and cons of various market movements and factors while keeping an eye on the ever-evolving crypto landscape. Crypto enthusiasts should remain vigilant and consider all aspects before making any transactions or forming a definitive opinion.
Source: Coindesk
