Pepe [PEPE], the ubiquitous meme coin, is on a tear. Not only has it shattered its previous all-time high, but it’s also become a hot commodity on major exchanges like Binance [BNB]. With a surge in trade volume and a growing community, the question remains: can Pepe sustain its current momentum?
Data from Binance paints a clear picture of Pepe’s recent dominance. Previously holding the coveted fifth place as the most traded asset, Pepe briefly reigned supreme as the most popular meme coin on the exchange. While it has since slipped to seventh, its trade volume has impressively increased by over 16% in the last 24 hours. However, Bonk [BONK] seems determined to steal the meme coin crown, surpassing Pepe with a staggering 22% trade volume increase within the same timeframe.
A Historical Moment As Pepe’s Price Spike
An analysis of Pepe’s price reveals a heart-pounding 26% surge on May 21st. This remarkable increase propelled Pepe into uncharted territory, marking its highest single-day jump since March. The price skyrocketed from around $0.000009 to a record-breaking $0.000014, etching its name in Pepe history. Despite a recent dip of over 2.7%, Pepe continues to trade around the $0.000011 mark.
Technical Indicators Hint at Continued Volatility
Technical indicators offer a glimpse into Pepe’s future trajectory. Wide Bollinger Bands suggest high volatility, hinting at the possibility of another significant price movement. The short Moving Average, however, continues to act as a reliable support system. While the Relative Strength Index (RSI) sits above 65, indicating a strong bullish trend, its recent decline prevented it from venturing into overbought territory.
Also Read: Meme Coin Mania: Analyst Warns Pepe Coin Faces Downturn Despite Recent Rally
Data analysis on Coinglass reveals Pepe’s recent experience with its highest Open Interest in a while. Analyst’s interpretation of the chart suggests Open Interest surged to a noteworthy $121 million, potentially signifying a substantial inflow of cash. Furthermore, Santiment data exposes a recent volume spike, with figures climbing to over $2.3 billion. These metrics paint a promising picture for Pepe’s price prediction, suggesting sufficient volume and funding to maintain its current price level, at least for now.
PEPE Army on the Rise
An analysis of Pepe holders reveals a slight uptick in the last 24 hours. Santiment data indicates an increase of roughly 270 holders, bringing the total from 221,540 on May 20th to 221,830 at the time of writing.
With its meteoric rise, Pepe has undoubtedly captured the attention of the crypto world. Whether it can maintain its current momentum or experience another major price swing remains to be seen. However, one thing is certain: Pepe’s story is far from over.
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