Pepe coin has surged alongside Bitcoin to reach new peaks today, surpassing Ethereum in performance. Bitcoin and Pepe coin hit all-time highs of $73,641 and $0.00001051 respectively. Meanwhile, Ethereum experienced a 1.70% decrease, trading just below $4,000. Pepe Coin’s value has increased by 65% in the last week and an impressive 892% in the past month. It continues to dominate the trending cryptocurrencies chart, showing no signs of slowing down. Let’s explore the reasons behind this ongoing momentum.
Market Performance of PEPE Price
Pepe Coin price has been volatile, ranging from a low of $0.000008423 to a high of $0.00001051, eventually settling at $0.00001055. This represents an increase of 18.74% over the past day. The frog-themed meme coin has witnessed a surge in trading activity, with its 24-hour trading volume skyrocketing by 67.56% to reach 2.45 billion.
Within 24 hours, PEPE’s market cap surged from $3.75 billion to $4.42 billion, propelling the coin into the top 30 cryptocurrencies, according to CoinMarketCap. With a circulating supply of 420.69 trillion, which has surged by 65% over the past week, many in the crypto market are speculating whether PEPE will hit $1 by 2024.
Reasons Behind the Surge of PEPE Price
Various factors have propelled the the recent upward trajectory of Pepe Coin price.
1. Elon Musk’s Effect
Elon Musk’s PEPE promotion on X has sparked significant interest within the cryptocurrency community, especially among meme-based crypto enthusiasts. Musk’s social media post led to speculation and curiosity surrounding Pepe Coin (PEPE), a project that merges memes with Blockchain technology. This endorsement from a prominent entrepreneur like Musk has contributed to the growing excitement surrounding meme coins, in contrast to the recent downturns seen in other popular meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), and Floki (FLOKI). In the wake of Musk’s tweet, PEPE experienced a notable surge, with its price climbing by more than 18% in the past 24. The uptick in trading volume further supported this price increase, indicating a sense of optimism among investors and hinting at a potential shift in market dynamics favoring PEPE.
— Elon Musk (@elonmusk) March 13, 2024
2. Pepe’s Potential Stability and Resilience
Whales within the meme coin space have been actively engaged in transferring substantial amounts of PEPE to major centralized exchanges to capitalize on their profits. Spot On Chain, an on-chain analysis service observed that prominent whale, who acquired 15.2 trillion PEPE tokens four years ago for 10 ETH, recently moved over 200 SHIB to Gemini and Crypto.com, realizing gains exceeding $6 million. With approximately 2.6 trillion tokens still in their possession, this whale’s estimated profit stands at around $129 million. Another whale was seen selling 1.9 trillion PEPE tokens, resulting in an estimated gain of approximately $3.3 million. Despite recent price fluctuations, Pepe coin quickly bounced back, showcasing resilience within the meme coin industry and suggesting potential stability despite profit-taking actions by whales. This has bolstered market confidence in the coin.
Two big whales deposited $10.6M worth of $SHIB and $PEPE to CEX in the past 2hrs as the prices dropped today. Is the #memecoins season coming to an end?
1. Early buyer 0xd6b deposited 200B $SHIB ($6.49M) to #Gemini and #Cryptocom ~ 1hr ago.
Notably, 4 years ago, the whale… pic.twitter.com/l6M6O4D8Dv
— Spot On Chain (@spotonchain) March 12, 2024
3. Open Interest (OI)
Based on data from Coinglass, Pepe Coin (PEPE) saw a remarkable surge in open interest, indicating an increasing interest among investors. The open interest increased by 26.69% to $147.54 million, accompanied by a significant 48.49% rise in trading volume, reaching $1.38 billion. This surge in open interest and volume suggested an upward trend for PEPE in the market, as investors flocked in, injecting new funds and stimulating market activity. This influx of interest and investment had a beneficial effect on PEPE’s overall market performance, aligning with the observed price surge.
Together, these elements have propelled Pepe Coin into the spotlight, solidifying its position as a dominant force in the ever-evolving meme coin market. As PEPE’s momentum shows no signs of slowing down, the crypto world eagerly awaits what the future holds for this meme-inspired cryptocurrency.
What Next for Pepe Coin
Both the 50-day Exponential Moving Average (EMA) and 200-day EMA indicators for PEPE indicate a strong momentum and the possibility of a price rise. MACD signals show bullish momentum, suggesting that there is a chance that PEPE’s price will continue to increase.
PEPE seems to be in the overbought zone, as indicated by its Relative Strength Index (RSI) value of 79.73. A reading over 70 on the RSI indicates that the asset might be overbought, potentially triggering a price correction as buying activity decreases. Traders might expect a possible decrease in PEPE’s price due to its current RSI level.
Price levels like $0.00000241 and $0.00000346 indicate strong buying interest that is likely to prevent the coin from falling further. Resistance levels such as $0.00000395 and $0.00000517 prevent PEPE’s price from surpassing them by creating obstacles to upward movement, potentially increasing selling pressure.
Source: https://coingape.com/blog/pepe-price-hits-ath-why-is-pepe-coin-pumping-today/