Pepe Coin: The Rollercoaster Ride to $1 – Will It Make It or Break It?

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Ah, dear reader, gather ’round as we delve into the curious case of Pepe, the second-largest Ethereum meme coin, which has recently decided to stabilize itself like a wobbly table at a tea party. This week, the crypto industry has perked up, much like a cat spotting a laser pointer.

On Tuesday, Pepe (PEPE) managed to rise to a dizzying height of $0.00001035, marking a 30% increase from its lowest depths this month. Meanwhile, the likes of Fartcoin, Shiba Inu, and Dogecoin have been crawling back into the limelight, as if they were the stars of a particularly low-budget revival show.

Now, one might think that geopolitical risks would put a damper on the festivities, but not so! Donald Trump has decided to sprinkle a new set of tariffs on steel and aluminum imports, which, as you might expect, will lead to higher inflation. Higher inflation, in turn, means the Federal Reserve will keep interest rates as high as a giraffe on stilts. 🦒

The main event, however, is the upcoming congressional testimony by Jerome Powell, the Fed Chair, who has a knack for sending cryptocurrencies and other assets on a wild rollercoaster ride. Historically, his statements on the first day of testimony have been known to cause more commotion than a cat in a room full of rocking chairs.

And just when you thought it couldn’t get any more exciting, Wednesday will bring us the January Consumer Price Index data. Economists are holding their breath, expecting the headline inflation to rise to 2.9%, while the core CPI is anticipated to reach 3.3%. Will it be a triumph or a tragedy? Only time will tell!

These inflation figures will be the deciding factor for the Federal Reserve’s next moves, which will undoubtedly impact our dear Pepe. In fact, Pepe’s price jumped over 12% when the US released a rather encouraging core inflation report on January 15. Talk about a bounce-back worthy of a circus act!

Despite its recent crash, Pepe remains a highly popular meme coin, with daily trading volume soaring to nearly $1 billion. Yes, you read that right! That’s more than most other meme coins, including Shiba Inu (SHIB) and the ever-controversial Official Trump. Who knew memes could be so lucrative?

Pepe’s futures open interest has been on a bit of a bender, rising for four consecutive days to a staggering $278 million—its highest level in over a week. This rising open interest is a sign that investors are clamoring for a piece of the action. Meanwhile, Nansen data reveals that the total Pepe coins on exchanges have dropped by 1.43% in the last week, now sitting at a mere 237 trillion. Just a drop in the ocean, really!

Pepe coin price analysis: can it jump to $1?

Now, let’s take a gander at the daily chart, which shows that Pepe remains firmly entrenched in a bear market, having plummeted by 65% from its lofty heights in 2024. Last week, it dipped to a low of $0.0000086, a notable level that aligns with an ascending trendline connecting the lowest swings since May of last year. It has a habit of bouncing back by double digits whenever it retests that support point—like a rubber ball with aspirations of becoming a basketball star.

Thus, there is a glimmer of hope that the coin may rebound and possibly retest the 200-day moving average at $0.00001390, a 40% increase from its current level. However, let’s not get ahead of ourselves; a leap to $1 would require a near 10 million percent surge from the current level. Now, that’s a tall order, even for a meme coin with dreams of grandeur!

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2025-02-11 16:05