PEPE’s price explosion: what’s behind meme coin’s surge
Release: 2023/11/09 15:26 Reading: 556
The Pepe token, PEPE, reached a two-week high of $0.000001345 as its social volume and whale activity witnessed a slight upward momentum.
In the past 24 hours, PEPE has experienced a 15% increase and is currently being traded at $0.000001335. At present, the meme coin has a market capitalization of approximately $557 million, with a trading volume of $167 million over the past 24 hours.
Even with the recent increase, Pepe’s value remains 69% lower than its peak of $0.000004354 on May 5. Over the last month, the asset experienced an 89% surge as the overall cryptocurrency market entered a bullish trend.
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According to data provided by the market intelligence platform Santiment, Pepe’s social volume skyrocketed by 105% over the past day. Data shows that the social activity mainly comes from X (formerly Twitter), Telegram, and Reddit.
Furthermore, the quantity of high-value whale transactions involving a minimum of $100,000 worth of PEPE has increased by 50% in the last 24 hours. Specifically, the number of these transactions has risen from a mere eight on November 8th to twelve at the current moment.
However, according to Santiment, there has been a decrease of 33.8% in the amount of active PEPE deposits to exchanges since Nov. 6. This suggests that holders may be holding out for a higher price before withdrawing their funds.
The market intelligence platform reports that the current PEPE price-daily active addresses (DAA) divergence is at 5.8%. Santiment suggests that a rise in the DAA divergence indicator indicates a "buy" signal.
On Nov. 8, Dogecoin (DOGE) millionaire Glauber Contessoto mentioned PEPE among the top 10 coins he’s interested in.
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