As an experienced analyst, I’ve seen my fair share of meme coins rising and falling in the cryptocurrency market. Pepe Coin’s latest price surge, up by 12% in just 24 hours after a significant decline earlier this month, is nothing new to me. However, what sets PEPE apart from other meme coins is its ability to bounce back strongly after each decline.
Pepe Coin experiences a notable surge, gaining 12% in the last 24 hours following a significant slump earlier this month. The frog meme coin reached its peak in May, hitting a record high of $0.00001718. However, it took a downturn and touched a low of $0.00001168 just a few days prior. Currently, the PEPE price is at $0.00001355 with a market capitalization of $5.7 billion.
Pepe Coin has experienced declines like this before, but the subsequent recoveries have been particularly rewarding. For instance, in the previous year, the PEPE price plummeted to a low after reaching its peak of $0.00000378 that year. A similar downturn occurred this year, resulting in PEPE becoming the second-largest crypto with a staggering 975.65% growth in Year-to-Date (YTD).
Why Is PEPE Price Rising?
The price surge of Pepe Coin is due to heightened network activity, causing a significant jump in trading volume by 23%. Currently, the coin’s total value sits at approximately $1.42 billion, significantly more than yesterday’s $714 million. The surge in trading volume can be attributed to increased buying and selling on cryptocurrency exchanges like OKX and Bitget, with trading volumes of $915 million and $618 million respectively.
The level of open commitments in PEPE derivatives markets has risen by 4.06%, amounting to a total value of $140.63 million. This growth suggests heightened activity in PEPE future contracts and options trading.
The crypto market has gained momentum following the release of the Consumer Price Index (CPI) data, which showed a decrease to 3.3%. A comparable reduction in the inflation rate, anticipated to reach 2%, is contingent upon the Federal Reserve’s latest meeting decisions. This positive news has propelled Bitcoin‘s price up to $69,928 and Ethereum‘s price to $3637, marking a surge of 4.61% for Bitcoin and 3.49% for Ethereum.
The US May Core CPI(YoY) is 3.4%, lower than Forecast (3.5%) and Previous(3.6%).
And the price of $BTC surged 2.4% after the CPI data was released.
— Lookonchain (@lookonchain) June 12, 2024
What Is Coming Next For PEPE Price?
From my perspective as an analyst, I believe PEPE is gearing up for a bullish run due to its channel-up pattern. If this trend persists, PEPE’s price could soar as high as $0.000017, marking a 50% increase by the month’s end.
The technical aspects and moving average are aligned with this assessment as well, since the meme coin is currently in a robust purchasing area due to “buy the dip” sentiment. Furthermore, the RSI reading of 6.5 signals a buying zone, potentially leading to more price increases.
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2024-06-12 20:08