- PEPE has been a standout performer for much of the year and analysis points to a 30% rally in the coming weeks after a recent correction.
- Memecoins have received great recognition from investors and financial solution providers, accelerating their adoption and interest in the market.
PEPE investors are celebrating a recent price analysis that points to the memecoin staging a 30% price rally. The popular memecoin is building bullish momentum that could set up the coin for a 30% gain in the coming weeks.
A majority of coins have been struggling to defend support, but PEPE has managed to defy gravity. With most coins in the red in the last week, PEPE is up by 2% at the same time. At the time of writing, the memecoin is trading for $0.000008729 with a $3.6 billion market cap.
Data shows that since hitting its lows on 1 May, the altcoin has bounced by 35% at current levels. This rise implies increased interest in the coin. In part, this has been supported by the recent Coinbase listing. As CNF reported, Coinbase added PEPE futures to its listing late last month. With the Coinbase effect on full display, the altcoin recorded a more than 30% rally.
Coinbase revealed that they had received a demand for the altcoin, falling in line with the observed trend led by whales. Historically, PEPE’s movement has largely been influenced by whale trends and their recent involvement points to a midterm to long-term bullish outlook.
Recent insights from Spot On Chain, an on-chain transaction monitoring platform, reveal substantial whale activity linked to the meme coin PEPE. Their latest report indicates a significant uptick in whale accumulation of PEPE Coins, signaling a noteworthy shift in market sentiment. Crypto News Flash has further illustrated memecoin’s growing influence with the Meme Coin Index (MEMECOIN) by VanEck. VanEck through its MarketVector Indexes has unveiled the MEMECOIN to track the performance of the six largest meme coins.
PEPE Price Analysis
In mid-April, PEPE saw a 65% rally from its low of $0.0000048 as the 30-day MVRV ratio turned slightly positive. The mean coin age remained on an uptrend, suggesting potential for significant gains, pending Bitcoin’s stability. Dormant circulation showed reduced token movement, indicating lower selling pressure.
Despite declining social volume, positive sentiment persists. Daily active addresses have been increasing, alongside network growth, hinting at rising demand.
Yet, despite the bullish price structure, the CMF has gradually decreased, registering a reading of -0.08 at present. This suggests a notable outflow of capital from the market.
In the long term, PEPE aims to become the third largest memecoin and to challenge both Dogecoin (DOGE) and Shiba Inu (INU). As CNF recently highlighted, the cryptocurrency market recently witnessed the addition of 140 new meme coins to CoinMarketCap, indicating a growing trend in this sector.
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