BITPoint Japan has announced the listing of PEPE coin. This marks the first time a meme coin will be available for trading in Japan.
The October 30 announcement represents a major milestone in the mainstream adoption of meme coins globally.
Pepe Coin Makes its Entry in Japan
BITPoint Japan is introducing PEPE across three key services: spot trading, lending, and savings.
The exchange is celebrating the listing with promotional campaigns. This includes a purchase campaign offering 100,000 yen worth of PEPE to 10 lucky winners who trade more than 10,000 yen of the token. This campaign runs until November 27th at 3:59 p.m.
Despite this major development, PEPE’s recent market performance has been underwhelming.
Pepe Coin Fails to Show Momentum
The token has shown negative price movement across multiple timeframes. According to CoinGecko data, PEPE was down 0.2% over 24 hours, 3.2% in the past week, and a substantial 15.1% drop in the last 30 days.
Technical analyst Chris McCrypto notes that while the weekly chart showed promise, recent performance has fallen short of expectations. Key technical indicators present mixed signals:
The MACD has failed to complete a bull cross, while both the stochastic RSI and regular RSI have recently experienced bear crosses.
However, positive factors include the price maintaining position above the breakout trend line and the wave 3 high of 0.0906, as well as recovery above the weekly 20 SMA (bull market support band) at 0.0936.
Analyst Suggests Potential Breakout for PEPE
Another analyst, CryptoDoc, suggests a potential retest around support levels before a possible breakout, emphasizing PEPE’s tendency for rapid price movements.
The Japanese listing comes at a crucial time for PEPE, as the token struggles to match the performance of both the broader cryptocurrency market and its meme coin peers.
While the BITPoint Japan listing represents a major milestone for adoption, the technical indicators and recent price action suggest cautious sentiment among traders.
As the first meme coin to gain approval for trading in Japan’s regulated market, PEPE will definitely have an upper hand in that department.
Pepe coin is the third largest meme coin by market cap. At press time, its market cap was close to $3.96 billion.
However, PEPE coin was still down by over 44% since its all time high of $0.00001717. The meme coin touched this price point five months ago on May 27, 2024.
