As a researcher with a background in cryptocurrencies and market analysis, I’ve closely followed the recent price movements of Pepe ($PEPE), especially its two consecutive daily rises. The optimism spreading throughout the crypto industry following encouraging inflation data has fueled this rebound, with Pepe joining other meme coins like Dogecoin (DOGE) and Dogewifhat (WIF) in this recovery.
The cost of Pepe increased for the second day in a row, boosted by growing optimism within the cryptocurrency sector after favorable inflation reports emerged.
The price of the $PEPE token reached a new high of $0.0000095, representing a substantial 25% jump from its lowest point this month. This surge placed $PEPE among other popular meme coins such as Dogewhiz (WIF) and Dogecoin (DOGE), all experiencing a similar trend in price recovery.
Pepe’s bounce back was primarily fueled by Bitcoin‘s surge past $59,000 on Thursday. The digital currency rebounded due to purchasing activity from investors who seized the opportunity when Bitcoin dipped down to $53,700 the previous week.
In a bustling market setting, the value of the token has surged, reflecting robust demand from both traders and investors. According to statistics, its average daily trading volume over the past three days reached approximately $1.16 billion, marking an improvement from the previous timeframe. This surge in value occurred concurrently with a rise in the crypto fear and greed index to 40. Although it presently falls within the fear zone, its recovery from this week’s low of 35 indicates a possible trend towards neutrality in the short term.
As a crypto investor, I’ve noticed altcoins like Pepe gaining value following the latest US inflation data release by the Bureau of Labor Statistics (BLS). The headline and core Consumer Price Indices (CPI) came in at 3.0% and 3.30%, respectively, signaling a potential interest rate cut from the Federal Reserve.
Pepe has held above a key support
Certain crypto investors are optimistic about Pepe’s price potential, as they believe the token has hit a solid base of buying interest around its 200-day Exponential Moving Average (EMA) mark.
Pepe price chart
The support level indicated above has prevented the token from dropping twice in the current month, implying that bears are hesitant to make bearish bets beneath this threshold. Additionally, it exhibits a falling wedge pattern, which is often seen as a bullish indicator.
A trader pointed out that the upcoming bull rally for Pepe might be initiated by the anticipated approval of Ethereum ETFs by the Securities and Exchange Commission (SEC), with some analysts predicting this could happen as early as this month.
As an analyst, I believe the recent surge in $PEPE could be attributed to the Ethereum ETF’s launch, rekindling excitement within the crypto market and potentially pushing the price upwards once more. Although it’s not a certainty, this event might trigger another round of growth for memecoins like $PEPE. Even if it only manages to regain its previous market cap of around 5.5 billion, it would still be a significant step forward. Other coins, including $ETH, $SOL, and $BTC, could also benefit from this market uplift.— Donny (@DonnyDicey) July 11, 2024
Simultaneously, certain whales continue to acquire Pepe with the expectation of a price surge. A single transaction reveals that one such investor purchased approximately 126.5 billion PEPE tokens, valued at over $1.5 million. Moreover, this wallet maintains investments in other digital assets including Ethereum (ETH) and zkSync (ZK).
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2024-07-11 17:33