Pepe (PEPE), the world’s third-largest meme coin, is gaining significant attention from the crypto community due to its impressive upside momentum despite the ongoing bearish market sentiment. On March 8, 2025, while top assets like Bitcoin (BTC), Ethereum (ETH), and XRP are witnessing price declines, PEPE has defied the market trend, registering an impressive 7.5% gain in the past 24 hours.
Current Price Momentum
With this impressive upside momentum, PEPE is currently trading near $0.0000073. Meanwhile, its trading volume has surged by 60% over the same period, indicating heightened anticipation from traders and investors compared to the previous day.
PEPE Price Action and Upcoming Levels
This price surge has pushed the meme coin to the upper boundary of its consolidation range, positioning it for a potential breakout. According to CoinPedia’s technical analysis, PEPE is trading within a narrow zone between $0.0000064 and $0.00000738. However, with today’s price surge, the meme coin is on the verge of breaking out of this pattern.
Source: Trading View
Based on recent price action and historical momentum, if PEPE breaches this range and closes a daily candle above the $0.0000074 level, there is a strong possibility that it could soar by 40%, reaching $0.0000105 in the coming days.
Despite the recent price gain, the asset is still trading below the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating that it remains in a downtrend.
Traders Bullish Outlook
Data from the on-chain analytics firm Coinglass reveals that bulls are currently dominating the meme coin, as they seem to be strongly betting on the long side. PEPE’s exchange liquidation map shows that $0.00000693 and $0.00000735 are key levels where traders holding long and short positions are over-leveraged.
Source: Coinglass
Currently, they have $1.80 million worth of long positions and $615K worth of short positions. This data clearly showcases that bulls are strong and appear to be supporting the meme coin’s continued upside momentum.
Bitcoin exchange-traded funds (ETFs) have been facing heavy outflows, with investors pulling billions from the market in recent weeks. Recent data shows that U.S. Bitcoin spot ETFs recorded over $900 million in net outflows in just one week. Over the past five weeks, the total outflows have reached $5.5 billion, showing a shift in investor sentiment.
Investors Withdraw $5.5 Billion From Market
Bitcoin ETFs had a strong start, but things have changed in recent weeks. The funds have now seen their longest period of outflows since launching in January last year. Many investors are choosing to exit the market due to growing uncertainty.
One key reason behind this trend is the recent policies of U.S. President Donald Trump. While he has shown support for crypto, investors seem more concerned about his aggressive trade policies and potential economic uncertainty.
This has led to a broader sell-off in riskier assets, including Bitcoin and other cryptocurrencies.
Biggest Bitcoin ETFs Hit Hard
Among the 12 Bitcoin ETFs in the U.S., BlackRock’s IBIT fund saw the largest withdrawals, with net outflows of $338.1 million in just one week. Fidelity’s FBTC followed closely, losing $307.4 million.
Other funds, including Ark’s ARKB, Invesco’s BTCO, Franklin Templeton’s EZBC, and WisdomTree’s BTCW, also recorded losses ranging from $33 million to $81 million.
On the other hand, Grayscale’s GBTC was the only fund to record net inflows, adding $5.5 million. Meanwhile, Bitwise’s BITB, Valkyrie’s BRRR, and VanEck’s HODL saw minor outflows of less than $4 million each.
Meanwhile, Bitcoin price itself has been under pressure, trading below $84,000 and showing little movement over the past 24 hours. However, the larger trend remains bearish, with Bitcoin down nearly 17% since late January.
Even though, Ethereum has also suffered trading below $2000 and hitting three-month lows amid weak market sentiment.
What’s Next for Crypto ETFs?
Despite these challenges, asset managers continue to push for new crypto ETFs. Some firms have applied for funds based on cryptocurrencies like XRP, Litecoin, Cardano, Polkadot, and Solana. If approved by the U.S. Securities and Exchange Commission (SEC), these funds could help bring fresh interest into the crypto market.
Although Bitcoin ETFs are facing difficulties now, positive regulatory news or a shift in investor sentiment could lead to a strong recovery soon.
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Bitcoin exchange-traded funds (ETFs) have been facing heavy outflows, with investors pulling billions from the market in recent weeks. Recent data shows that U.S. Bitcoin spot ETFs recorded over $900 million in net outflows in just one week. Over the past five weeks, the total outflows have reached $5.5 billion, showing a shift in investor …
Bitcoin was once considered the dominant currency in illicit transactions. However, it is now being replaced by privacy-focused cryptocurrencies like Monero (XMR), Zcash (ZEC), Dash, and stablecoins.
The primary reason for Bitcoin’s decline in illegal activities is its transparency.
Reasons for the Shift from Bitcoin to Privacy Coins
Bitcoin (BTC) once dominated illicit activities on the Dark Web, such as Nucleus Marketplace or Brian’s Club. The report from TRM Labs indicated that Bitcoin accounted for 97% of the total cryptocurrency volume associated with illegal activities in 2016.
However, by 2022, this figure had dropped sharply to just 19%, indicating a significant shift toward other cryptocurrencies.
According to the TRM Labs’ report, illegal cryptocurrency activities involving Bitcoin will drop to just 12% by 2024. Tron (TRX) holds the top position with 58%. In another report from Chainalysis, stablecoins now account for the majority of total illicit transaction volume at 63%. The use of Bitcoin in illegal activities also recorded a significant decline.
Stablecoins gained 63% of illicit trading activity by 2024. Source: Chainalysis
White House Market, one of the largest Dark Web marketplaces, stopped accepting Bitcoin and exclusively used Monero (XMR) for transactions in 2020.
“The Bitcoin workaround was supposed to be there just to help with transition to XMR and as we are concerned, it’s done, therefore we are now Monero only, just as planned,” stated White House Market.
The decision was driven by Bitcoin’s limitations, particularly its blockchain transparency. This move reflected a strategic shift in Dark Web markets and highlighted the rise of privacy coins like Monero, which are designed to provide enhanced anonymity.
The Popularity of Privacy Coins on the Dark Web
The decline of Bitcoin in illegal activities is not coincidental but rather stems from its inherent limitations. First and foremost, Bitcoin’s blockchain is a public ledger. When combined with additional data such as IP addresses or exchange records, every transaction can be tracked.
This transparency has enabled law enforcement agencies like the FBI to use blockchain analytics tools from Chainalysis and Elliptic to dismantle major Dark Web markets. Examples include the Silk Road shutdown in 2013, AlphaBay in 2017, Hydra in 2022, and Incognito Market in 2024.
Additionally, Bitcoin faces technical challenges, including high transaction fees and slow confirmation times. In contrast, privacy coins like Monero, Zcash, and Dash leverage advanced technologies to ensure high levels of anonymity, making transaction tracking extremely difficult. The Research from ScienceDirect suggests that privacy coins are closely linked to Dark Web traffic, further increasing their popularity in illicit markets.
The Two Sides of the Shift to Privacy Coins
On the positive side, Bitcoin’s declining role in illegal activities may improve its reputation as a legitimate financial tool. This could lead to wider acceptance and attract more users and investors.
However, the shift from Bitcoin to privacy coins and stablecoins has made it more challenging for law enforcement agencies to track and prevent illegal transactions. Despite advanced blockchain analytics tools that can detect transaction trails through mixers and tumblers, dealing with Monero and other privacy coins remains a significant challenge.
Global regulators are increasingly scrutinizing privacy coins and stablecoins. Some countries have outright banned privacy coins, while stablecoins are subjected to stricter oversight.
The transition from Bitcoin to privacy coins and stablecoins on the Dark Web is a clear trend, driven by the growing demand for anonymity and efficiency in illicit transactions. While Bitcoin still plays a role in certain crypto-related crimes, its transparency makes it less attractive to the Dark Web.
Meanwhile, Monero, Zcash, Dash, and stablecoins have become the preferred choices due to their enhanced security and privacy. This trend poses significant challenges for law enforcement agencies while driving advancements in blockchain analytics tools.
However, it also raises concerns about using cryptocurrencies in illegal activities, necessitating a balance between technological innovation and regulatory oversight to ensure transparency and security in the digital financial ecosystem.
