PEPE Frenzy: 100% Gains In 30 Days, But Can The Memecoin Keep Its Composure?
Release: 2024/05/26 22:00 Reading: 355
PEPE: The Meme Coin That's Soaring
The cryptocurrency realm is experiencing a familiar phenomenon: a meme coin's meteoric rise. PEPE, a token adorned with the internet's beloved frog, has surged in recent weeks, leaving investors pondering whether this is a new era or a fleeting craze.
PEPE's Triumph: New Heights and Whale Action
Over the past month, PEPE has exceeded expectations, leaving a trail of green for investors. Its price reached a record high, soaring over 100% in just 30 days. This astronomical ascent has delighted hodlers, with IntoTheBlock data revealing that an impressive 97% are profiting.
CoinGecko data indicates that PEPE has gained 56% in the past week and 99% in the past month, reclaiming its position as the third-largest meme coin by market cap from Dogwifhat (WIF).
The bullish momentum shows no signs of abating. The past 24 hours witnessed another surge of 3.7%, propelling PEPE to its current peak. This impressive performance has garnered significant attention, not only financially but also on social media, where the coin's social volume has spiked.
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Adding fuel to the fire, a whale, a term for large investors with significant buying power, has been making waves. Lookonchain, a blockchain analytics platform, recently reported a whale withdrawing a staggering 500 billion PEPE from Binance, a major cryptocurrency exchange. This mass accumulation signals a whale-sized vote of confidence in PEPE's future.
Buying Frenzy or Overheated Market?
While the recent price increase and social media buzz are positive signs, some analysts urge caution. Technical indicators suggest potential signs of an overheated market. The Chaikin Money Flow (CMF), which measures buying and selling pressure, has declined.
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Similarly, the Money Flow Index (MFI) and Relative Strength Index (RSI) are both hovering in the overbought zone, indicating that PEPE's price may be due for a correction.
Complicating the picture is the presence of selling pressure. While some investors are piling in, others may be cashing out on their profits. Santiment, a crypto analytics platform, observed a rise in PEPE's exchange outflow last week, indicating buying pressure. However, they also noted an increase in supply on exchanges, suggesting that some investors may be selling at the high price.
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Potential Price Correction
NewsBTC analyzed PEPE's daily chart to assess the impact of this potential selling pressure. Their analysis suggests that the price may initially fall to $0.0000122 before potentially finding support and initiating another bull run. However, a deeper correction could see PEPE drop to $0.000010 or even lower.
The Most Traded Meme Coin
Meanwhile, PEPE remains among the most traded cryptocurrency assets over the past day, according to Binance data, with only BNB Coin (BNB), Bitcoin (BTC), and Ethereum (ETH) surpassing it.
PEPE continues to hold its position as the most traded meme coin, outpacing popular coins like Dogecoin (DOGE), Floki (FLOKI), and Shiba Inu (SHIB).
Featured image from ART street, chart from TradingView
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