In the past month, there has been a remarkable surge of 106% in the value of PEPE. This has led to Pepe coin reclaiming its position as the third-largest meme coin in the market. The meme coin sector as a whole has experienced a bullish trend, with a 34.88% increase in prices over the last 30 days. However, Pepe Coin has outperformed its peers by demonstrating an impressive growth of 106% in market price during this period. As a result, 96% of PEPE holders now possess profitable wallet holdings, making it the most lucrative coin in the meme coin sector.
The bullish rally of Pepe coin began at the end of April and has continued throughout May. This surge in price has propelled the meme coin to make significant advancements within both the meme coin sector and the overall market. Notably, Pepe coin has surpassed leading meme coins like Dogwifhat (WIF) to secure its position as the third-largest meme coin. Moreover, on May 23, PEPE momentarily exceeded the trading volume of the leading meme coin Dogecoin (DOGE).
One of the key achievements of Pepe coin is its ability to surpass UNI and MATIC, the native tokens of Uniswap and Polygon respectively, earlier this week. However, recent price declines have caused the meme coin to experience a downward slide.
Over the past month, PEPE has witnessed an impressive surge of 106%. At the beginning of the month, PEPE was trading in the range of $0.000005989 to $0.000007149. Currently, it is trading within the range of $0.000013. This surge in price has attracted significant attention from the market and has led to increased investments, pushing the coin into an overbought stage.
On May 27, PEPE reached its all-time high of $0.00001718. However, since then, the frog-themed meme coin has experienced slight declines in market price. Currently, Pepe coin is trading at $0.00001416 with a daily decline of 5%. The market cap is approximately $5 billion, and the 24-hour trading volume has increased by 5.67% according to CMC data.
Despite the recent price dip, the current market price of PEPE remains above the long-term 21-day moving average, indicating bullish trends according to TradingView data. In order for the bullish rally to continue, PEPE is expected to break through the resistance at the $0.000016 level.
Analysts at TheNewsCrypto have predicted that the price of the meme coin could reach a bullish price of $0.00006588. However, if the bears take control, it is expected to decline to the $0.0000045 level by the end of 2024.
In other crypto news today, Jack Dorsey’s Ocean Mining has launched a global hub in El Salvador.