PEPE jumps 60% in a week, emerges as top gainer
Release: 2023/10/30 20:00 Reading: 791
PEPE has secured the top gainer spot this week with a 60% appreciation, while experiencing a significant surge in social volume.
During a hopeful October, the asset has utilized the current market-wide rally to regain the value it had lost in prior months.
Notably, following its rise to prominence, PEPE witnessed a bearish trend, collapsing by 58% from July. An accumulation trend observed in late September coincided with a price resurgence.
However, this positive trend was not long-lasting as PEPE started October with a pessimistic perspective. However, the overall market recovery that followed gave the asset enough momentum to make a comeback. Consequently, Pepecoin has been consistently gaining value since October 19th, with its largest daily gains occurring on October 23rd and 25th.
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Over the course of two days, the asset experienced a collective surge of 64%. Following this, PEPE reached a peak of $0.00000136 on October 26, marking a two-month high, but was met with resistance from the bearish market. Despite this opposition, the asset has managed to sustain its upward trajectory, exhibiting a growth of 60.78% in the past week.
The ongoing rally was further bolstered by the burn of 6.9 trillion tokens carried out by the project’s team on Oct. 24. PEPE’s recent price movements have contributed to its position as the biggest gainer among the top 100 assets in the past week.
Pepe sees increased social volume
Investor interest in the asset has been sparked by the favorable price performance, as indicated by the rise in social volume. The number of social mentions for PEPE experienced a significant decline at the start of October, staying below 75 for the majority of the month.
According to Santiment, the recent increase in prices has sparked renewed interest and resulted in more social mentions. Data from CoinMarketCap shows that PEPE has now climbed to the sixth position among the most popular assets in the cryptocurrency market.
On October 26, PEPE's social volume experienced a significant surge, according to Santiment. This coincided with the asset reaching its highest value of $0.00000136. During the period from October 24 to 26, there was also a notable increase in price volatility. However, volatility has since decreased considerably.
PEPE is currently being traded at $0.00000119 and its goal is to regain the $0.0000012 level in order to maintain the upward momentum. A strong support level has been established at $0.00000110, which acts as a safeguard against any potential declines to the lows observed on October 25th at $0.00000091.
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