In a recent turn of events, Pepe Coin (PEPE) has surged to a new all-time high, marking a significant moment in the ongoing meme coin mania that’s back to shake the crypto world.
The price of PEPE now sits at $0.00001031, showing a dramatic 91% increase over the last month and an astonishing 466% rise over the past year.
PEPE’s price ascended to $0.00001128, according to the latest data from CoinMarketCap, amid a broader meme trading frenzy paralleled by a surge in stocks like GameStop (NYSE: GME), which almost doubled in price recently.
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This rally appears closely tied to the activity of legendary meme-stock trader Roaring Kitty, known for his role in the GameStop short squeeze of 2021.
Although he is not directly involved with PEPE, his return to social platforms has reinvigorated the meme asset market, significantly influencing PEPE’s trading volume and price.
In just 24 hours, PEPE’s trading volume exploded by 300% to $2.6 billion, making it the 7th most traded crypto asset and surpassing even Dogecoin (DOGE) in terms of trading volume. The open interest in PEPE perpetual futures also saw a 25% increase, reaching $118 million.
Technical analysis and future outlook
Technical indicators for PEPE are strongly bullish, with its 30-day average price outpacing its 200-day average and its Relative Strength Index (RSI) recently peaking above 80. Although it has seen a slight decline, the market’s momentum appears robust, supported by rising support and resistance levels.
Whale activity has been particularly notable, with significant purchases indicating strong confidence in PEPE’s potential for further gains.
This optimism is tempered by a cautionary note for investors, where the recent peak could lead to a minor correction. Despite a 4% drop in the past day, market sentiment remains overwhelmingly bullish, suggesting that after a brief dip, PEPE could climb.
Pepe price prediction
Currently, PEPE holds a market cap of $4.3 billion, ranking it as the 23rd largest cryptocurrency by market cap.
According to recent data from CoinCodex, Pepe Coin is projected to experience a significant surge in value. Experts predict a 235.49% increase in the cryptocurrency’s price, potentially reaching $0.00003646 by June 13, 2024.
Current market analysis reveals a bullish sentiment, further supported by a Fear & Greed Index score of 66, indicating prevailing market greed.
Even though the current trends show strong market interest, it remains crucial for investors to stay informed and consider diverse perspectives before making investment decisions.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
