PEPE, a meme coin based around the infamous frog, has risen to unprecedented levels.
Meanwhile, its recent rise has caught the attention of investors and enthusiasts alike, defying expectations and outperforming several major digital assets.
Meme coins, once considered a novelty in the cryptocurrency space, have been steadily gaining traction and credibility in recent times. Alongside the growing popularity of Bitcoin, Ethereum, and other established cryptocurrencies, cryptocurrencies like Dogecoin (DOGE), Shiba Inu (SHIB), and now PEPE have shown remarkable resilience and growth. This trend coincides with the approval of Bitcoin spot investment funds (ETFs) earlier in 2024, signaling a broader acceptance of the digital asset in mainstream finance.
PEPE’s meteoric rise and string metrics
PEPE’s meteoric rise is not just a product of speculation but is supported by strong on-chain metrics. Data from Santiment, a cryptocurrency intelligence tracker, reveals a significant rise in PEPE’s active addresses and social dominance between May 20 and 27. During this period, active addresses nearly doubled, indicating increased user engagement, while social dominance reflected a growing presence in cryptocurrency discussions on social media platforms.
Furthermore, the supply of PEPE on exchanges has remained relatively stable. This indicates that selling pressure on PEPE is weak, 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 forecasts
Technically, PEPE has been on an upward trajectory since April 14, forming higher highs and higher lows along the way. However, recent analysis by Crypto Patel highlights a worrying development for the meme coin.
According to Patel, PEPE broke a crucial support level, leading to a noticeable price decline. This collapse was accompanied by an increase in trading activity, indicating strong selling pressure in the market.
Source: Crypto Battle
Despite the setback, PEPE’s current price remains relatively resilient at $0.000016, representing a modest 4.23% decline over the past 24 hours, according to CoinMarketCap data. However, on a weekly basis, PEPE rose by a staggering 25.31%, underscoring its volatile nature. With a circulating supply of 420 trillion PEPE, the coin’s market cap stands at $6.7 billion, cementing its position as a prominent player in the cryptocurrency market.