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- 1 PEPE Price reached the blue skyzone amid a massive follow-on rise
- 2 Fueled by the whale buying activity, the memecoin is up over 50% this week.
The Frog-theme-based memecoin Pepe (PEPE) price made its fresh ATH (all-time high) of $0.00001718 yesterday and was in strong bullish momentum.
2024 is unofficially the year of memecoins and PEPE is among the coins that soared the most.
Though PEPE price was in an uptrend, after the rounding bottom formation breakout, the memecoin exceeded the bull run and rallied over 50% this week and over 140% this month.
What Triggered the Massive Bull Run in PEPE Price?
Pepe Coin entered like thunder in the crypto world and has surprised traders and investors. It crossed the $1 Billion market capitalization in just 20 days and reached the milestone.
Recently, the Ether ETF launch news fueled the buying pressure in the memecoin community, resulting in speculative moves. Interestingly, PEPE surged the most and skyrocketed over 140% this month.
No doubt crypto enthusiasts have witnessed the bull run in the memecoin and are eyeing further upside, but the price action suggests that it might revert from the top anytime.
At press time, Pepe (PEPE) price was trading at $0.00001627 with an intraday gain of 2.11%, reflecting massive bullish momentum on the charts. The market cap rose to $6.98 Billion, and the trading volume rose over 23% to $1.98 Billion.
Per @lookonchain on X, significant whale activity had fueled the buying pressure in the last few weeks.
A whale withdrew 2,034 $ETH($7.95M) and 123.8B $PEPE($2.06M) from #Kraken 10 mins ago.
— Lookonchain (@lookonchain) May 27, 2024
This whale has withdrawn 4,702 $ETH($18M) at $3,828 in the past 28 hours.
He has withdrawn 481.77B $PEPE($8.03M) at $ 0.00001 since Mar 16 and currently has an unrealized profit of $3.17M.… pic.twitter.com/HpX34PGLAw
Source: X
PEPE Soared 140% this Month: Still Safe to Buy Pepe?
Amidst the market uncertainty and sharp volatility, the memecoin pocket continued to reward its investors.
The memecoin theme generated impressive, massive profits within the short term. Investors have shown massive interest in PEPE crypto and witnessed a sharp surge in valuations.
Source: TradingView
A rounding bottom formation was visible, and the memecoin surpassed the trajectory hurdle of $0.00001100. Afterward, the PEPE crypto continued to soar, yet no signs of a selloff were replicated.
Any slippage below $0.00001320 might create the possibility of trend reversal and signs of caution. Otherwise, the bullish wave will continue and the memecoin will continue to shoot up the gains.
Following the jump, trading volume surged significantly, highlighting the investors’ speculation.
What the key Metrics Show
The Momentum Indicator (Relative Strength Index) remained overbought, which signals that a short-term retracement is due and might be seen anytime soon.
Additionally, the GIOM indicator saw that 90% of in-the-money holders at the current price levels are in profit, whereas only 10% are looking to secure their gains.
Source: IntoTheBlock
Though the memecoin is trading in a solid uptrend, revealing a follow-on rise, a dragonfly doji candlestick was noted in the last session, an early indication of the possible selloff.
Futures OI Data Outlook
Amidst the bull run, the futures derivative data hints that profit booking is on the cards.
Source: coinglass
The open interest dropped over 4.39% to $187.75 Million in the last 24 hrs, revealing the long unwinding data. This might create an imbalance and trigger a short-term profit booking ahead.
Pepe coin witnessed a significant surge in popularity due to the short-term demand. With a growing community, PEPE is gathering attention, and investors are closely eyeing it.
Source: Santiment
The social dominance and X followers data revealed a sharp increase followed by the price surge.
The social dominance data surged over 270% this month, noting around 2.473%, while the X followers surged to 8442, noting a spike of over 156% in the past month.
The immediate support levels for the Pepe coin are $0.00001500 and $0.00001330, whereas the key upside hurdle is around $0.00001800, followed by $0.00001950
Should you buy or not?
The Pepe coin continued to shoot up the gains and decisively sustained gains in the bullish trajectory. With a notable rise of 50% this week, PEPE continued to make new highs every day.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
