PEPE’s price explosion: what’s behind meme coin’s surge

The Pepe token, PEPE, reached a two-week high of $0.000001345 as its social volume and whale activity witnessed a slight upward momentum. 

PEPE is up by 15% in the past 24 hours and is trading at $0.000001335 at the time of writing. The meme coin’s market cap currently stands at roughly $557 million, with a 24-hour trading volume of $167 million.

PEPE’s price explosion: what’s behind meme coin’s surge

Despite the recent surge, Pepe’s price is still down by 69% from its all-time high of $0.000004354 on May 5. The asset recorded an 89% surge over the past 30 days as the broader crypto market entered a bull run. 

According to data provided by the market intelligence platform Santiment, Pepe’s social volume skyrocketed by 105% over the past day. Data shows that the social activity mainly comes from X (formerly Twitter), Telegram, and Reddit.

Moreover, the number of whale transactions consisting of at least $100,000 worth of PEPE rose by 50% in the past 24 hours — hiking from only eight transactions on Nov. 8 to 12 at the time of writing.

On the other hand, the number of active PEPE deposits to exchanges, per Santiment, has declined by 33.8% since Nov. 6. This could indicate that holders are still waiting for a further price hike before withdrawing funds.

According to the market intelligence platform, the PEPE price-daily active addresses (DAA) divergence currently stands at 5.8%. When the DAA divergence indicator rises, it suggests a “buy” signal, per Santiment.

On Nov. 8, Dogecoin (DOGE) millionaire Glauber Contessoto mentioned PEPE among the top 10 coins he’s interested in.

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2023-11-09 10:18