Pepe (PEPE), a memecoin built on the Ethereum blockchain, has recently seen a surge in trading activity and price movement, drawing attention from investors and analysts alike. The price of PEPE rose 16% over the past 11 hours, outperforming the broader cryptocurrency market’s 6% gain. In the same period, the coin’s 24-hour trading volume increased by 170%, ranking it third among memecoins [1]. This uptick is supported by increased whale accumulation, with major holders increasing their PEPE holdings by 650 billion tokens over the last 30 days, indicating strong investor confidence in the coin’s potential [2]. The top 100 holders now hold 306.84 trillion tokens, up from 300 trillion tokens last month [2].
PEPE’s market cap currently stands at $4.73 billion, with a fully diluted valuation of $4.73 billion as of the most recent data [1]. The coin’s circulating supply is 421 trillion PEPE, which is 100% of its maximum supply, making it a fully issued token with no inflationary supply. The price has been volatile, with a 10.34% decline in the last 24 hours and a 22.40% decline in the past month [3]. Despite these fluctuations, PEPE has shown resilience, particularly in the face of broader market volatility, with a 18.91% price gain over the past year [1].
Technical analysis suggests that PEPE is approaching a potential bullish breakout. A double-bottom pattern formed at $0.000009850, with the price nearing its neckline at $0.00001265. Analysts estimate that a successful breakout could see the price reach $0.00001890, representing a 65% increase from its current level [2]. This potential is further supported by the ongoing Ethereum price surge, as Ethereum-based tokens often benefit from the broader chain’s performance [2].
The market dynamics for PEPE also reflect strong demand, with a weighted funding rate remaining in the green this month, indicating that bulls are paying bears in the perpetual futures market. This trend typically signals an expectation of rising prices [2]. Additionally, the coin’s trading activity is notable, with 5,904 trades recorded in the past 24 hours, including 3,872 buyers and 2,427 sellers. The coin has also been searched 6,359 times in the same period, reflecting its growing popularity [1].
Despite the recent gains, the sentiment around PEPE remains mixed. On social media platforms, the coin has an average sentiment score of 100 out of 5, and 66% of tweets on Twitter express a bullish outlook [1]. However, the Fear & Greed Index for PEPE is currently at 47, which is neutral, indicating a balanced market sentiment. The coin is ranked 29 in popularity among cryptocurrencies on Coinbase, suggesting it remains a notable player in the memecoin space [1]. The market dominance of PEPE is at 0.11%, and its 7-day trading volume is $8.71 billion, showing robust short-term trading interest [3].
The broader context of PEPE’s movement includes the influence of macroeconomic factors. The recent dovish comments from Federal Reserve Chair Jerome Powell have had a positive impact on Ethereum and, by extension, PEPE [2]. As Ethereum approaches record highs, it is likely that high-quality tokens within its ecosystem, like PEPE, will benefit from increased demand and liquidity [2]. This environment creates a favorable backdrop for PEPE’s future performance, particularly if the broader market continues to show strength.
Source: [1] Pepe Price, PEPE Price, Live Charts, and Marketcap (https://www.coinbase.com/price/pepe) [2] Pepe price nears big move as whales buy 650 billion coins (https://crypto.news/pepe-price-nears-big-move-as-whales-buy-650b-coins/) [3] Pepe Coin Price Chart & Market Cap (https://coincodex.com/crypto/pepe-token/)
