- PEPE meme coin defies crypto market trends with a staggering 14% surge in just 24 hours.
- Trading volume skyrockets to an impressive $1.56 billion, highlighting investor confidence.
- PEPE’s resurgence correlates with Roaring Kitty’s return, reminiscent of his impact on meme stocks.
When the crypto market is experiencing sideways conditions and even tends to decline, the PEPE meme coin is actually experiencing an increase. The price of Pepe Coin (PEPE), a popular meme coin, has seen a surge of more than 14% in the last 24 hours and continues to outperform all other leading meme coins over the past two weeks.
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PEPE traded for US$0.00001021, or up 26% from the previous two weeks, making it the best performing meme coin in the period.The notable surge in PEPE prices coincided with a substantial uptick in trading activity. Over the past 24 hours, PEPE’s trading volume has surged by 245%, reaching $1.56 billion, while its market capitalization has soared to $4.31 billion.
The exact reason behind PEPE’s surge amidst a sluggish market remains elusive. However, an interesting correlation rises with the resurgence of Roaring Kitty, Keith Gill, on X. Renowned for his persuasive part during the 2021 meme stock frenzy, Gill’s later action has once again captured market attention, reminiscent of his impact on stocks like GameStop and AMC Entertainment. Following his latest announcement, trading activity for PEPE surged by 245% in just 24 hours, reaching an impressive $1.56 billion.
This surge reflects increased interest from investors and increasingly busy market activity around the coin. The current price is well above the all-time low of US$0.00000005514, which occurred on April 18, 2023, with a spike of 18,380.81%.
The prominent investor known as Pepe Whale has recently made big moves in the market. This whale deposited 250 billion PEPE, worth US$2.67 million, on the cryptocurrency exchange Binance. This whale initially earned 474.95 billion PEPE for just $1,000 and has now made a profit of US$3.6 million after a recent deposit.
Meanwhile, over the same period, native meme coin Dogecoin (DOGE) saw a slight gain of 5.51%, currently trading at $0.1428. None of the top ten meme coins by market capitalization achieved double-digit gains over the same period.
However, the trading volume of the Dogecoin derivatives market is approaching US$2 billion. Both long and short DOGE traders have opened positions, increasing the Open Interest (OI) rate by 4.86% over the last 24 hours.
Recent price movements in the PEPE market have been characterized by significant volatility. The price chart of the last 24 hours shows a significant increase in value. Technical indicators show bullish momentum, with the Relative Strength Index (RSI) currently approaching the overbought region at the 59.30 level. Additionally, the recent switch of the Klinger Oscillator from negative to positive strengthens the potential for a continued upward move.
Open Interest jumped 13.08% to US$112.33 million. This spike reflects traders’ increasing confidence in PEPE’s future performance. However, a rapid increase in open interest and trading volume may also indicate increased speculative activity, potentially increasing volatility and presenting the potential for a correction.
In the future, PEPE’s resilience and ability to outperform even during challenging market conditions suggest a promising trajectory. As more investors recognize its potential and the community around it grows, PEPE could solidify its position as a notable player in the crypto industry, contributing to its vibrant and diverse ecosystem.
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