Ethereum-based memecoin Pepe (PEPE) has recently experienced a dramatic rise in its value, achieving an unprecedented peak amid heightened market activity. Over the past 24 hours, PEPE’s price surged by 24.65%, reaching $0.00001383. This surge propelled its market capitalization to $5.82 billion, placing it 21st among cryptocurrencies. Investors now seem to pivot from older memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) to PEPE.
What Drives PEPE’s Momentum?
PEPE’s trading volume also saw significant growth, with an 89.75% increase to $4.43 billion, representing 76.14% of its market cap. The memecoin’s circulating supply remains at its total and maximum supply of 420.69 trillion units, signaling strong market confidence.
Throughout the week, PEPE demonstrated a robust bullish momentum. Its price increased by over 20% in the past week and surpassed a 120% increase on a monthly scale. These figures point to sustained trading activity and heightened demand for the coin.
How Are Technical Indicators Shaping Up?
According to CoinGlass data, PEPE’s Open Interest (OI) saw a substantial increase within the last 24 hours, hinting at growing investor interest. The rise in OI, representing the total value of all PEPE futures contracts on crypto exchanges, indicates optimism. The significant number of long positions reflects a bullish trend, triggered by speculation about the potential approval of a spot Ethereum ETF in the US.
Key Takeaways for Investors
– PEPE’s trading volume surge to $4.43 billion indicates strong market participation.
– A notable 24.65% price increase in just 24 hours suggests substantial investor interest.
– Speculations about a spot Ethereum ETF could be driving bullish sentiment.
– Technical indicators reveal strong bullish momentum but also suggest the potential for price correction.
In conclusion, PEPE’s significant price surge and increased market activity underline the memecoin’s bullish momentum and rising investor confidence. Although technical indicators suggest the possibility of a price correction, the overall market sentiment remains positive. If the bullish trend continues, PEPE could reach new targets of $0.00003 and $0.00005.