PEPE Price Surges as Vitalik Buterin Buys Big: Can It Hit $1?

Ethereum co-founder Vitalik Buterin has made headlines with his recent purchase of 508.6 million PEPE tokens, valued at approximately $10,500.

This acquisition has sparked widespread speculation within the cryptocurrency community as investors ponder whether the popular meme-based cryptocurrency could be on the verge of a meteoric rise—or even reach the elusive $1 mark.

Vitalik Buterin’s Influence on PEPE

As one of the most prominent figures in the crypto space, Buterin’s actions often create ripples in the market. While the monetary value of this purchase is modest, the sheer volume of tokens acquired underscores a symbolic endorsement of PEPE, sending a signal to investors. The move has reignited interest in meme coins, a category often dismissed as speculative or unserious by traditional investors but increasingly recognized for their explosive potential during bull markets.

Vitalik Buterin’s purchase of 508.6 million PEPE tokens sparked speculations about the memecoin’s future price. Source: y00thereum via X

Meme coins like PEPE, Dogecoin, and Shiba Inu have gained significant traction in recent years, thanks to their unique blend of community-driven growth and viral marketing. Buterin’s involvement adds a layer of legitimacy to PEPE, potentially encouraging both retail and institutional investors to take a second look.

Market Reaction and Price Trends

After the news about Buterin’s buy, PEPE rose modestly and changed hands at $0.00001591, up 2.90% in the last 24 hours. The price of the coin is still very far from its resistance level of $0.00002000, which it needs to break for further advance. In the last year, the price of PEPE has surged by over 1,200%, driven by optimism in the market and renewed interest in meme coins.

Pepe (PEPE) price chart. Source:Brave New Coin

Despite such impressive growth, technical analysis provides a more mixed outlook: the RSI is currently reading 39-higher after the bearish momentum below the neutral mark of 50. Meanwhile, the MACD hints at consolidation on the back of shrinking negative bars on the histogram, which it says indicates reduced selling pressure. Analysts have pegged the $0.00001500 support level as key. A strong bounce from this level could open up the path for a rally toward the $0.00002000 level and higher.

Can PEPE Really Hit $1?

The idea of PEPE reaching $1 has captured the imagination of investors, but achieving this milestone would require extraordinary circumstances. With a circulating supply of 420 trillion tokens, a $1 price would result in a market capitalization far exceeding that of Bitcoin and Ethereum combined—an improbable scenario under current conditions.

The $0.000017500 and $0.000020000 levels are considered as potential upside targets for PEPEUSDT. Source: Arash-RK/TradingView

However, short-term gains remain a possibility, particularly if broader market conditions improve. Bitcoin’s recent rally to an all-time high of over $103,000 has injected fresh optimism into the crypto market, with meme coins often riding on the coattails of such movements. Additionally, the Trump inauguration and the associated launch of the TRUMP meme coin could create a ripple effect, further boosting interest in tokens like PEPE.

From Internet Jokes to Investment Gold: The Meme Coin Revolution

Vitalik Buterin’s foray into PEPE highlights the shifting perception of meme coins within the cryptocurrency ecosystem. What started conceptualizing the internet jokes eventually received serious momentum for investment, harnessing the power of community engagement, speculation, and endorsements by influential celebrities. But experts continue to warn that most of the meme coins don’t have any technological backbone to compare with the more established cryptocurrencies and thus are intrinsically very volatile and dangerous.

Investors must consider the greater market context: while the meme coins have a tendency to offer outsized returns during the bull markets, they are usually the first to get hurt on the downsides. Consequently, prudent risk management will be required of those set to speculate on the latest wave of enthusiasm surrounding PEPE.

Looking Ahead

Vitalik Buterin’s purchase of PEPE tokens has undeniably brought renewed attention to the cryptocurrency. While the prospect of the PEPE price reaching $1 remains a long shot, the token’s recent performance and market dynamics suggest that short-term gains are within reach. For now, investors should remain cautious, keeping a close eye on key support and resistance levels as they navigate the unpredictable waters of the meme coin market.