Memecoins
Pepe Coin (PEPE) Hits All-Time High in Latest Meme Coin Surge: What’s Next?
Pepe coin (PEPE), the meme cryptocurrency that gained popularity during March’s memecoin mania, has once again captured the attention of the crypto community by hitting a new all-time high (ATH) price.
TLDR
- Pepe coin (PEPE) recently reached a new all-time high price (ATH).
- Pepe is among the most traded assets on Binance, ranking 7th despite a 16% increase in trading volume.
- The price surge was driven by the hype surrounding Ethereum and speculation about the potential approval of an ETH Spot ETF.
- After hitting the high, Pepe experienced some profit taking, but the presence of strong support levels suggests that the price may remain stable.
The recent price rally can be attributed to several factors, most notably the hype surrounding Ethereum and speculation about the potential approval of an ETH Spot ETF.
As a meme coin built on the Ethereum blockchain, Pepe has benefited from the spillover effect of Ethereum’s bullish momentum.
Traders have used meme coins like Pepe, Shiba Inu (SHIB), e Dogemoneta (DOGE) as a proxy bets on growth of Ethereum and other major cryptocurrencies, hoping to take advantage of their upward trajectories.
Despite the recent decline of around 2.7% from its ATH, Pepe managed to maintain its position in the new price range.
Bollinger Bands analysis indicates high volatility and the potential for another significant move in the near future.
Furthermore, the short moving average continues to serve as a strong support level, suggesting that Pepe price may remain stable in the current zone.
PEPE coin price a Coingecko
Pepe’s Relative Strength Index (RSI) is above 65, signaling a strong uptrend. However, the recent decline prevented the RSI from entering the overbought zone, which could have triggered a reversal or bearish consolidation phase.
Pepe’s trading volume and open interest also saw significant increases.
The token’s volume rose to over $2.3 billion, while its open interest rose to over $121 million, indicating substantial cash inflow. These metrics suggest that there is sufficient volume and funding to support Pepe’s current price level.
The number of Pepe owners has increased slightly in the last 24 hours.
According to Santiment data, the number of holders increased by approximately 270, from approximately 221,540 on May 20 to 221,830 at the time of writing. This growth in the holder base demonstrates continued interest in the meme coin.
Pepe’s recent success can also be attributed to its popularity among traders on major cryptocurrency exchanges.
On Binance, Pepe ranked as the 7th most traded asset, despite a 16% increase in trading volume over the past 24 hours. This high trading activity indicates that Pepe remains a favorite among meme coin traders.
Meme coins like Pepe have proven to be more than just a passing trend. The recent price rally and growing interest from traders demonstrate that these tokens can benefit from the overall bullish sentiment in the cryptocurrency market, especially when tied to the growth of major cryptocurrencies like Ethereum.
