PEPE Coin Price Prediction: PEPE Hashrate Surges to 330 TH/s, Boosting Network Security

At the time of writing, PEPE Coin was trading at $0.00002101, with a 24-hour trading volume of $4.85 billion.

At the time of writing, PEPE Coin was priced at $0.00002101, having recorded a minor gain on the 24-hour chart. This pushed its market capitalization to around $8.86 billion, as the altcoin showed signs of consolidation.

The memecoin’s 24-hour trading volume stood at $4.85 billion and the token’s latest price action displayed a consolidation phase. Here, PEPE formed symmetrical triangle patterns, which have historically indicated the potential for a major breakout on the charts.

This technical setup naturally drew traders’ attention, especially as it appeared to mirror the token’s February rally. During this rally, PEPE achieved a remarkable 10x surge in just 40 days.

In light of this, and considering the increasing momentum and strong market interest, a rally to $0.0009 by 16 December seemed possible – setting another milestone for the token.

PEPE hashrate surges to 330 TH/s, boosting network security

A sharp hike in PEPE’s network hashrate was highlighted on the chart, with the same hitting 330.81 TH/s. Hashrate measures the computational power used by miners to validate transactions and secure the blockchain.

A higher hashrate indicates higher mining activity, greater network security, and enhanced decentralization – all of which boost confidence in the blockchain’s reliability.

Such a surge might suggest growing miner interest, whether due to improved profitability or anticipation of future price appreciation. For PEPE, the rising hashrate could positively impact its price by signaling a stronger and more secure network.

An uptick in mining participation also often correlates with bullish sentiment, attracting both traders and investors. However, it also intensifies mining competition, which can impact profitability.

PEPE’s bullish trend cools down

From 05 November, PEPE began a steady rise in price, gradually gaining bullish momentum as funding rates on major exchanges like Bitmex, OKX, and Gate turned increasingly positive. In fact, the uptrend peaked on 04 November – a surge supported by heightened trading volume and strong long positions.

During this period, traders exhibited growing confidence, with positive funding rates highlighting willingness to pay premiums for holding bullish positions.

After 14 November, the memecoin’s price began to decline steadily, accompanied by fluctuating funding rates. While funding remained positive at times, signaling lingering bullish sentiment, intermittent negative funding rates indicated profit-taking and market hesitation.

In parallel with this consolidation, PEPE’s Futures Open Interest peaked at $308 million on 16 November – an indication of a significant hike in market activity and trader participation.

This peak seemed to be in line with PEPE’s recent bullish price momentum – a sign of heightened confidence among traders and a surge in speculative interest.

Finally, Open interest represents the total value of outstanding futures contracts, and its steady rise prior to 16 November showcased strong momentum and liquidity in the market.

Worth noting though that Open Interest had declined to $239 million by 18 November, indicating some unwinding of positions.

This reduction may suggest profit-taking or a shift in sentiment following the peak. While the aforementioned fall could point to caution among traders, the Open Interest remains elevated. What this means is that there’s still some sustained interest in PEPE.