PEPE gets overheated with 13% price surge in 24 hours

As a researcher with a background in crypto markets, I find the recent bullish trend of Pepe coin (PEPE) intriguing. After a week of continuous declines, PEPE has shown a significant 13.5% increase in price over the past 24 hours and is now trading at $0.00000694. The asset’s market cap has also risen to a hefty $2.92 billion, making it the 35th-largest digital currency.

The price of Pepe coin (PEPE) is gaining bullish momentum after a week of constant declines.

PEPE has experienced a 13.5% price surge over the past 24 hours, currently valued at $0.00000694 per unit. With a market capitalization now standing at $2.92 billion, it ranks as the 35th largest cryptocurrency in existence.

PEPE gets overheated with 13% price surge in 24 hours

Moreover, the meme coin’s daily trading volume witnessed a 24% surge, reaching $1.14 billion.

The Pepe token, modeled after the beloved Pepe The Frog meme from the 2000s, emerged in April 2023. Since then, this asset has experienced an astonishing surge of 12,200%, peaking at $0.0000107 on March 14. Its market value has reached a remarkable $4.2 billion.

PEPE ranks as the third most popular meme coin at present, following Dogecoin (DOGE) and Shiba Inu (SHIB) in popularity.

Based on Santiment’s data, there was a decrease of approximately 130 billion PEPE tokens in exchange inflows over the last 24 hours, now totaling around 5.47 trillion tokens. Conversely, exchange outflows experienced a slight increase and currently stand at roughly 6 trillion PEPE tokens.

The investors’ actions in this market indicate they are gradually purchasing more meme coins instead of quickly cashing out for brief gains.

As a researcher analyzing data from the market intelligence platform, I’ve observed an uptick in daily active Pepe addresses over the past three days. The number of unique wallets interacting with the Pepe network has grown steadily, rising from 2,670 on April 29 to 3,249 at the time of my report.

When the price and the number of active addresses increase together, it typically results in reduced price fluctuations because there’s a lower likelihood of significant price manipulation by large investors (whales).

As a crypto investor, I’ve noticed an intriguing development with PEPE‘s Relative Strength Index (RSI) as per Santiment. The RSI has jumped from 64 to 72, indicating that PEPE might be showing signs of overheating. From my experience, when the RSI reaches this level, it typically suggests that a cryptocurrency is moderately overvalued. Consequently, I anticipate that PEPE’s price could become quite volatile in these market conditions.

An RSI of below the 50 mark could potentially suggest a further price hike for PEPE.

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2024-05-02 12:24