Pepe (PEPE) coin recently caught the attention of the cryptocurrency market with a significant rally. Following an energetic performance, it faced a downturn, mirroring the broader bearish market trend. However, the meme coin’s recent market activity has regained investor confidence. PEPE is currently maintaining a strong position within its niche.
Meme Coin Market Performance
Surpassing popular counterparts Dogecoin (DOGE) and Shiba Inu (SHIB), PEPE recorded substantial gains, topping the meme coin sector last week. CoinMarketCap reports that PEPE’s value soared by over 30% in a single day and showed a weekly increase of more than 40%, contrasting with the lesser performance of DOGE and SHIB.
The surge in PEPE’s price is linked to a growing interest in the alternative currency, with a noticeable uptick in active and newly created addresses engaging in PEPE transactions.
Indicators of Market Optimism
Data from Santiment revealed a 34% rise in daily transaction addresses for PEPE over the past week, alongside a 31% increase in new addresses. This activity underpins the heightened demand for the meme coin.
Market analysis tools indicate strong buying interest in the altcoin. The Relative Strength Index (RSI) stood at 68.66, while the Money Flow Index (MFI) was at 78.07, signaling investor accumulation. The Moving Average Convergence Divergence (MACD) indicator further confirmed the market’s bullish stance, with the MACD line surpassing the signal line.
Moreover, PEPE’s positive directional index was higher than its negative counterpart, suggesting the trend’s upward momentum. Despite the Bollinger Bands (BB) predicting a potential correction, PEPE’s price remained above the upper BB band, indicating the strength of its current trajectory.