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Will PEPE continue to show up in June? — TradingView News
What is PEPPER?
PEPE, an Ethereum-based meme coin launched in April 2023, quickly made a significant impact despite the anonymity of its creators. PEPE began trading on April 15, 2023, at a price near $0.00000000. Within just two weeks of its launch, PEPE entered the top 100 cryptocurrencies by market capitalization, currently ranking at number 70. Source: IntoTheBlock
Since its inception, PEPE’s market capitalization has surpassed $1 billion in just 20 days, reflecting an incredible 7,000% value growth in 17 days. This extraordinary increase has left a notable mark on the crypto meme coin industry.
The risk-based token recently secured the top spot as the most profitable meme coin. It is unknown whether the current rally will end in a big crush. However, several indicators suggest a series of upcoming events for PEPE in June.
PEPE price history
The PEPE coin uses a deflationary mechanism, burning a small percentage of tokens with each transaction to create scarcity and potentially increase the value of remaining tokens over time. Source: IntoTheBlock
It uses a redistribution system where a portion of each transaction is shared among existing token holders, promoting user engagement and long-term investment.
The price of PEPE experienced significant fluctuations within 24 hours, including increases of more than 40% and sharp decreases. The most notable decline occurred in January 2024, when the coin lost almost half of its value. Source: IntoTheBlock
However, it embarked on a notable bull run in March, followed by a correction in March and April, and then gained momentum in May, defying the overall trend of the cryptocurrency market.
The rally began in late April, gaining ground after PEPE broke above the daily MA 50 at $0.000073. On May 27, the price reached an all-time high of $0.00001725, marking an impressive 88% increase since the SEC approved the Ether ETF’s filing on May 20.
The frog-themed coin has been good to its holders over the past month. Currently, 91.59% of PEPE addresses, representing 227,990 holders, are profitable. Furthermore, 5.32% of addresses, or 13,250 holders, are breaking even with the current price of approximately $0.0000144 per token.
At the end of May 2024, the chart shows what appears to be a correction on a monthly scale. The bigger question remains whether the rally will continue into June.
PEPE price prediction
Pepe is now ranked as the 28th cryptocurrency by market cap on CoinGecko and has secured the 20th spot on CoinMarketCap with a current market cap of $6.16 billion as of June 1.
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Source: IntoTheBlock
Over the past month, PEPE has risen 107%, outperforming the overall market and the average meme coin. This performance pushed PEPE above its 50, 100 and 200 day EMAs, highlighting its strong uptrend.
If we look at the relationship between PEPE’s market value and realized price, we can guess the potential “true” value of PEPE.Source: IntoTheBlock
Despite its impressive gains, meme coins, including PEPE, are notoriously volatile. Many analysts predict a probable further price correction. For example, Ali Martinez noted bearish signals, pointing out that PEPE’s daily RSI has surpassed 70, an overbought level that often precedes price corrections or consolidations.
.The return of @TheRoaringKitty has the cryptocurrency community buzzing about #memecoins! While some #altcoins may thrive, others may not. $PEPE, in particular, appears poised for a retracement.
TD Sequential shows two sell signals on the #PEPE 3-day chart: an aggressive 13 and a green nine… pic.twitter.com/9spYZnQ1LO— Ali (@ali_charts) May 16, 2024
Source: X
When the average RSI value exceeds 70, this increases the risk of a sell-off. However, it is important to note that the market can remain overbought for extended periods, with prices continuing to rise.
According to the RSI heatmap, PEPE is currently at the “strong” level, with a potential “sell” signal. IntoTheBlock data also points to bearish sentiment as June approaches.
Source: IntoTheBlock
Another important indicator is the historical correlation with the price of BTC. As shown in the chart below, PEPE saw a mostly negative correlation with both Bitcoin and Ethereum within a year of its launch.
The likelihood of both Ethereum and Bitcoin rallies remains high in June, which begs the question of whether PEPE’s trajectory will change course in the coming weeks.
In any case, PEPE is considered one of the most volatile coins on the market. As a typical high-yield asset, its price is extremely speculative with no fundamentals to keep an eye on. With all this in mind, the beginning of June will be an important time for PEPE’s near future.