BitPoint Japan’s PEPE listing should help memecoin’s price, but did it?

• BitPoint Japan announced the listing of PEPE for trading, lending, and fixed investment
• Memecoin dipped by 14.4% over the past month

Jacob: BitPoint Japan lists PEPE, how did the memecoin’s price react?

Over the past year, memecoins have become extremely popular. One such memecoin is PEPE, with the altcoin also having seen massive adoption over the past year.

This adoption, demand, and interest had a corresponding effect on the memecoin’s price charts as it hiked by 732.09% over the past year.

As PEPE becomes even more popular, its latest listing by BitPoint Japan was simply inevitable since it’s another opportunity to capture more market demand.

BitPoint lists PEPE for trading

According to the latest report, PEPE has become the first memecoin to enter the Japanese market after it was listed by BitPoint.

Following the listing, the memecoin will be available for spot trading, lending, and fixed investment on the exchange.

The entrants into Japan will help the memecoin access more customers, thus increasing trading activities. This will further strengthen its on-chain activities.

Impact on PEPE’s price charts?

While the market anticipated a positive reaction to this good news, the previous bearish trend has persisted.

At press time, the memecoin was trading at $0.000009422. This marked a 1.31% decline over the past day. Also, the memecoin declined on the weekly and monthly charts by 3.83% and 14.44%, respectively.

This decline suggested that the prevailing downtrend has been quite strong and will need actual trading activities on the new platform to affect the price trajectory.

Therefore, despite BitPoint’s entry into the market, the prevailing market conditions could set up PEPE for a decline before it attempts another uptrend.

Source: Santiment

For starters, the memecoin’s active addresses on the weekly timeframe declined over the past month from a high of 18.7k to 13.6k.

This suggested fewer participants within the ecosystem – A sign of reduced demand and market interest.

Source: IntoTheBlock

Additionally, transaction volume declined over the past 2 days from 11.9 trillion to 9.28 trillion, following a brief upswing earlier this week. This decline indicated a shift in market sentiment with investors having less participation in the blockchain.

A sharp fall in on-chain activities implies the current price values are overvalued and not supported by fundamentals.

 Realistic or not, here’s PEPE market cap in BTC’s terms

In conclusion, although PEPE was listed on the Japanese market, it didn’t have much effect on the price charts.

If the listing does have an impact, the memecoin will reclaim the $0.00001 resistance level. Consequently, if the current trend persists, PEPE could find its next support around $0.0000084.