The Bitcoin price continues to struggle around $29,000 as volatility drops with a plunge in market volume. The trading volume of Bitcoin has dropped significantly compared to the last trading day, slashing the global trading volume by more than 10%. Meanwhile, PEPE price, which emerged just a fortnight before, has gained more than 230% in volume.
Presently, the trading volume and market capitalization of PEPE have surged beyond $1 billion, which indicates a large accumulation of liquidity within the new token. Therefore, now that the momentum has shifted from the top cryptos to the more contemporary and trending tokens, how long will the BTC price maintain the prevailing consolidation?
Recently, Binance took advantage of the ongoing opportunity and listed PEPE and FLOKI on its platform. Soon after the listing, many expected a colossal sell-off of PEPE tokens, which appears to have come into reality as a whale dumped 150 billion tokens for a gain of 1350x, or approximately $500K.
Besides, the funding rate continues to be negative across the board on PEPE, and eventually, the price is believed to top out on negative funding.
On the other hand, Bitcoin continues to consolidate within narrow regions, stuck at $29,000 as the demand for the token appears to have waned a little presently. However, it does not mean the price may continue to trade within the same regions as long as the liquidity flow may return to the star crypto from the other altcoins or from the ‘Memecoins’ like PEPE.