The cryptocurrency world is witnessing a well-known sight: a meme coin on fireplace. PEPE, a token emblazoned with the web’s favourite frog, has skyrocketed in current 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 value triumphantly reached a brand new all-time excessive, surging over 100% in simply 30 days. This astronomical rise translated to joyful hodlers, with IntoTheBlock knowledge revealing {that a} whopping 97% have been sitting fairly in revenue.
CoinGecko knowledge 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 important 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 gasoline to the hearth, a whale, a time period used for giant buyers with important 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 serious cryptocurrency trade. This mass accumulation suggests a whale-sized vote of confidence in PEPE’s future.
Shopping for Frenzy Or Overheated Engine?
Whereas the current worth enhance and social media buzz are undoubtedly optimistic indicators, some analysts are urging warning. A more in-depth take a look at technical indicators reveals potential indicators of an overheated market. The Chaikin Cash Move (CMF), which measures shopping for and promoting stress, has registered a decline.
Equally, the Cash Move Index (MFI) and Relative Energy Index (RSI) are each hovering within the overbought zone, suggesting PEPE’s worth 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 income. 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 making the most of the excessive worth to promote.
Potential Value Correction
NewsBTC analyzed PEPE’s every day chart to gauge the influence of this potential promoting stress. Their evaluation means that the worth may first fall to $0.0000122 earlier than doubtlessly discovering assist and initiating one other bull run. Nevertheless, a deeper correction might 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 the day gone by, in accordance with knowledge from Binance, with solely BNB Coin (BNB), Bitcoin (BTC), and Ethereum (ETH) surpassing it.
Pepe continues to be probably the most traded meme coin, surpassing in style cash akin to Dogecoin (DOGE), Floki (FLOKI), and Shiba Inu (SHIB).
Featured picture from ART avenue, chart from TradingView