Recently, the meme token PEPE has gained significant attention, managing to rise in value over the last 24 hours following a dip earlier this month. PEPE had a remarkable May, achieving substantial gains and hitting an all-time high of $0.00001718, before falling to $0.00001168 in recent days.
What is PEPE’s Market Value?
In light of the recent volatility of the popular meme token, PEPE’s market value currently stands at $5.7 billion. The token has experienced a substantial decline not only in market value but also in price charts. Despite this, PEPE has seen a year-to-date gain of 975.65%, making it the second most profitable cryptocurrency, surpassing Bitcoin.
PEPE’s price surge is largely driven by increased network activity, which has led to a 23% rise in transaction volume. The Total Value Locked (TVL) now stands at $1.42 billion, a significant increase from the previous day’s $714 million. The surge in transaction volume is primarily due to heightened activity on cryptocurrency exchanges such as OKX and Bitget.
How Are PEPE Futures Performing?
Another critical metric for PEPE is the open interest rate, which has seen a 4.06% increase, reaching $140.63 million. This rise suggests growing participation in PEPE futures and options. Additionally, the cryptocurrency market has been trending upwards, partly influenced by the release of the Consumer Price Index (CPI) data, a key economic indicator.
Experts suggest that PEPE is currently in a bullish zone due to its upward trend, which could further drive its price up. Should this trend persist, PEPE’s price might increase by 50%, potentially reaching $0.000017 by the month’s end. Technical indicators and moving averages also support this optimistic outlook, with the Relative Strength Index (RSI) at 6.5, indicating a strong buying zone.
Key Insights
– PEPE has seen a 975.65% gain year-to-date, outperforming Bitcoin.
– Increased network activity has driven a 23% rise in transaction volume.
– Open interest in PEPE futures has grown by 4.06%, signaling more market participation.
– Technical indicators point towards a potential 50% price increase by the end of the month.
