The cryptocurrency world is witnessing a well-recognized sight: a meme coin on hearth. PEPE, a token emblazoned with the web’s favourite frog, has skyrocketed in latest weeks, leaving buyers questioning if that is the daybreak of a brand new period or a fleeting fad.
PEPE On A Tear: New Highs And Whale Exercise
Over the previous month, PEPE has been on a tear, exceeding expectations and leaving a path of inexperienced for buyers. The worth triumphantly reached a brand new all-time excessive, surging over 100% in simply 30 days. This astronomical rise translated to completely satisfied hodlers, with IntoTheBlock information revealing {that a} whopping 97% had been sitting fairly in revenue.
CoinGecko information present that Pepe has risen 56% within the earlier week and 99% within the final month, recovering its place because the third-largest meme coin by market capitalization from Dogwifhat (WIF).
The bullish momentum hasn’t proven any indicators of slowing down. The previous 24 hours noticed one other surge of three.7%, additional propelling PEPE to its present peak. This spectacular efficiency has garnered vital consideration, not simply financially, but in addition on social media. The coin’s social quantity has spiked, indicating a surge in curiosity and on-line chatter.
Including gas to the hearth, a whale, a time period used for big buyers with vital shopping for energy, has been making waves. Lookonchain, a blockchain analytics platform, not too long ago reported a whale withdrawing a staggering 500 billion PEPE from Binance, a significant cryptocurrency trade. This mass accumulation suggests a whale-sized vote of confidence in PEPE’s future.
Shopping for Frenzy Or Overheated Engine?
Whereas the latest value enhance and social media buzz are undoubtedly constructive indicators, some analysts are urging warning. A better take a look at technical indicators reveals potential indicators of an overheated market. The Chaikin Cash Circulation (CMF), which measures shopping for and promoting stress, has registered a decline.
Equally, the Cash Circulation Index (MFI) and Relative Energy Index (RSI) are each hovering within the overbought zone, suggesting PEPE’s value could be due for a correction.
Additional complicating the image is the presence of promoting stress. Whereas some buyers are piling in, others could be cashing out on their earnings. Santiment, a crypto analytics platform, noticed an increase in PEPE’s trade outflow final week, indicating shopping for stress. Nevertheless, additionally they famous a rise in provide on exchanges, suggesting some buyers could be benefiting from the excessive value to promote.
Potential Value Correction
NewsBTC analyzed PEPE’s day by day chart to gauge the influence of this potential promoting stress. Their evaluation means that the worth would possibly first fall to $0.0000122 earlier than probably discovering assist and initiating one other bull run. Nevertheless, a deeper correction may see PEPE plummet to $0.000010 and even decrease.
The Most Traded Memecoin
Meanhwhile, Pepe was nonetheless among the many most traded cryptocurrency belongings over yesterday, in response to information from Binance, with solely BNB Coin (BNB), Bitcoin (BTC), and Ethereum (ETH) surpassing it.
Pepe continues to be essentially the most traded meme coin, surpassing fashionable cash comparable to Dogecoin (DOGE), Floki (FLOKI), and Shiba Inu (SHIB).
Featured picture from ART road, chart from TradingView
