Memecoins
Will this meme coin be the next big cryptocurrency sensation?
PEPE, a meme coin inspired by the infamous frog, has risen to unprecedented heights.
Meanwhile, its recent surge has caught the attention of investors and enthusiasts alike, as it defies expectations and outperforms several major digital assets.
Meme coins, once considered a novelty in the cryptocurrency industry, have steadily gained popularity and credibility in recent times. In addition to the growing popularity of Bitcoin, Ethereum, and other established cryptocurrencies, meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and now PEPE have demonstrated remarkable resilience and growth. This trend coincides with the approval of Spot Bitcoin Exchange Traded Funds (ETF) in early 2024, signaling broader acceptance of digital assets in traditional finance.
PEPE’s meteoric rise and on-chain metrics
PEPE’s meteoric rise is not simply a product of speculation, but is supported by robust on-chain metrics. Data from Santiment, a crypto intelligence tracker, reveals a significant increase in PEPE’s active addresses and social dominance between May 20th and May 27th. During this period, active addresses nearly doubled, indicating increased user engagement, while social dominance reflects a growing presence in cryptocurrency discussions on social media platforms.
Furthermore, the supply of PEPE on the exchange has remained relatively stable. This suggests that selling pressure on PEPE is contained, potentially paving the way for further price appreciation. With bullish on-chain metrics and growing investor interest, PEPE appears poised to extend its gains in the near term.
Technical analysis and price prediction
From a technical perspective, PEPE has been on an upward trajectory since April 14, forming higher highs and lows along the way. However, a recent Crypto Patel’s analysis highlights a worrying development for the meme coin.
According to Patel, PEPE broke above a crucial support level, triggering a notable price decline. The collapse was accompanied by an increase in trading activity, indicating strong selling pressure in the market.
Source: Crypto Patel
Despite the setback, the current price of PEPE remains relatively resilient $0.000016 , representing a modest 4.23% decline over the past 24 hours, according to data from CoinMarketCap. However, on a weekly basis, PEPE rose by an impressive 25.31%, underlining its volatile nature. With a circulating supply of 420 trillion PEPE, the coin’s market capitalization stands at $6.7 billion, solidifying its position as a prominent player in the cryptocurrency market.