Robinhood Europe Adds PEPE Transfers: What will Happen to PEPE Price?

TLDR:

• Robinhood Europe launches live transfers for PEPE coin with 1% deposit bonus
• PEPE currently ranks as 24th largest cryptocurrency with $3.45B market cap
• Not available on Robinhood US or Coinbase platforms
• Price shows recent 3.16% recovery after 5-day bear market
• Technical analysis suggests potential 23% rally to $0.000010 level

The European division of popular trading platform Robinhood has expanded its cryptocurrency services by launching live transfer options for PEPE coin, marking a notable development for the meme-based digital asset.

The platform is offering a temporary 1% deposit bonus to encourage user participation in PEPE transfers.

$PEPE transfers are LIVE on Robinhood Crypto.

Withdraw + Deposit #PEPE, and get PEPE rewards with our 1% deposit bonus for a limited time.

Terms apply. Learn more: https://t.co/sb4gDoO6Ls#RobinhoodOnchain pic.twitter.com/05Pd8h7kNW

— Robinhood Crypto EU (@RobinhoodCrypto) November 4, 2024

PEPE coin, which draws inspiration from the internet meme “Pepe the Frog,” has established itself as a notable player in the cryptocurrency market since its launch last year.

Currently holding the position of 24th largest cryptocurrency by market capitalization, PEPE maintains a value of $3.45 billion, with daily trading volumes reaching approximately $598.35 million.

Pepe
PEPE Price

The new transfer feature on Robinhood’s European platform enables users to both deposit and withdraw PEPE directly through the service. This development represents the first major regulated platform in Europe to offer such functionality for the meme coin, potentially opening doors to a broader user base in the region.

Trading data shows PEPE experienced a 3.16% price increase in the 24 hours following the announcement, providing a reversal to a previous five-day downward trend that had resulted in an 18.17% decline.

Technical analysis of PEPE’s price movement reveals a falling channel pattern on daily charts. The recent price action broke below the 23.60% Fibonacci level at $0.000008251489, as well as a support zone near $0.0000082.

Market indicators present a mixed picture for PEPE’s short-term prospects. The 50-day and 100-day EMAs have formed a bearish crossover, while the MACD indicator continues to show bearish alignment with intensifying negative histograms.

Despite its growing presence in Europe, PEPE faces limited accessibility in the United States. The coin remains unlisted on major U.S. cryptocurrency platforms, including Robinhood’s main U.S. operation and Coinbase, creating a notable divide in market access between European and American retail investors.

The introduction of PEPE transfers on Robinhood Europe arrives during a period of active trading for the meme coin. Daily spot market trading volume indicates sustained interest from traders and investors in the digital asset.

Price projections based on current market patterns suggest two potential scenarios. In a bearish case, PEPE could test support levels around $0.000006595, representing a potential 20% decline. Alternatively, if the current recovery maintains momentum, the price might target the $0.000010 level, marking a 23% increase from current levels.

Looking at longer-term price levels, analysts point to $0.00001370 as a possible target if PEPE breaks through current resistance levels. This price point corresponds to the 78.60% Fibonacci retracement level.

The European market’s response to Robinhood’s PEPE integration will likely influence the coin’s trading patterns in the coming weeks. The platform’s support provides PEPE with increased legitimacy in the European cryptocurrency trading landscape.

Trading volume data indicates active participation from European traders following the announcement, though specific regional breakdowns are not publicly available through the platform.

Currently, PEPE maintains its position among the top 25 cryptocurrencies by market capitalization, demonstrating sustained market interest despite price volatility.

Robinhood Europe’s technical implementation of PEPE transfers includes standard security measures and verification processes aligned with regulatory requirements for cryptocurrency transactions in the region.

The platform’s deposit bonus promotion is scheduled to run for a limited time, though specific end dates have not been publicly announced by Robinhood Europe.