The price of Pepe (PEPE) has pumped more than 60 percent in the past 30 days to hit a new all-time high with over 239,000 on-chain holders. The high demand for meme coins has delayed most utility-focused cryptocurrency projects in the ongoing bullish outlook for cryptocurrencies.
As the price of Bitcoin (BTC) attempts to rise beyond its all-time high, above $73,000, once again after being trapped in correction mode for the past couple of months, more short-term investors are diversifying into the altcoin industry to make the most… Of gains. The meme industry led by the frog-themed Pepe (PEPE) and Floki Inu (FLOKI) has risen to nearly $69 billion in total market capitalization and an average daily trading volume of about $6.9 billion.
The resurgence of popular coins signals retail trading’s entry into the ongoing crypto bull trend. However, the co-founder of Ethereum Vitalik Buterin urged Meme investors stay away from projects where financial is the ultimate goal, but instead pay attention to utility as the end product.
Pepe outperforms top-tier cryptocurrency projects
Having achieved impressive performance in the past six months, frog-themed Pepe has attracted more whale investors in the recent past. Last week, on-chain data showed that several PEPE whales had withdrawn more than $10 million worth of the frog-themed meme coin.
As a result, Pepe has recorded significant trading volume in the past few weeks, higher than Dogecoin (DOGE) and Shiba Inu (SHIB). According to aggregate market data provided by Binance-backed Coinmarketcap, Pepe recorded a 30-day cumulative trading volume of around $41 billion.
Ripple Labs-backed XRP recorded a total of $34 billion in the same period, while Dogecoin and WIF each recorded around $25 billion. The Floki Inu and Shiba Inu have scored $23 billion and $20 billion, respectively, in the past 30 days.
Can Pepe maintain the high performance?
like Previously reported on Crypto News Flash, The Pepe meme coin’s remarkable rise in the past few months has been largely influenced by support from institutional funds. Furthermore, PEPE has gained over $60 million in liquidity on various decentralized exchanges (DEXs), enabling seamless trading.
However, PEPE faces significant competition from hundreds of other meme coins, especially those inspired by the American political class and coins centered around Wall Street. As a result, PEPE’s core developers must continue to invent new ways to keep the community engaged, perhaps in a similar way to the Shiba Inu and Floki Inu.
Mid-term price forecasts
The mid-cap altcoin, which has a fully diluted value of around $6 billion and a daily trading volume of around $1 billion, saw significant resistance around $0.0000163. The meme has had a choppy few days over the past couple of weeks, despite setting a support level around $0.0000143.
If Pepe price fails to defend the current support level, the meme coin may decline towards $0.000011, which coincides with the weekly 0.618 Fibonacci extension. On the other hand, a bullish continuation could push the meme coin towards $0.00002, which coincides with the 1.618 weekly Fibonacci extension.