The cryptocurrency known as PEPE, a popular memecoin, has seen a significant surge of over 14.78% in its price. Starting from $0.00001008, it has now risen to $0.00001157. This increase comes amidst a bearish phase in the overall cryptocurrency market, with Bitcoin dropping to a monthly low of $64,000, causing a ripple effect on other altcoins. Despite this, there is a glimmer of positivity in the memecoin sector, with certain tokens showing strong signs of recovery.
One standout in this trend is PEPE, a frog-themed memecoin, which has experienced a notable surge in its price over the last 24 hours. With its market cap now standing at $4.89 billion and a daily trading volume of $1 billion, PEPE has shown three days of substantial trading activity. This surge follows a correction phase where PEPE traded between $0.00001087 and $0.0000143 for the past two weeks.
Recent on-chain data has revealed significant transactions involving PEPE. A large amount of tokens, 1.15 trillion PEPE valued at $12.34 million, was transferred to Binance by an anonymous address on June 18. Additionally, a major whale deposited 407.74 billion PEPE tokens, worth $4.27 million, into Binance at a break-even price on the same day, indicating significant market movements.
Despite these transactions, PEPE has managed to stay above the simple moving average (SMA), hinting at a potential continuation of its bullish pattern. If this trend persists, the cryptocurrency could see further gains, possibly challenging its recent all-time high of $0.00001718 with a rally of 30-33%. However, a break below the lower level of $0.0000953 could invalidate this bullish outlook, potentially leading to a decline in price to $0.0000089 and further down to $0.0000076.
The cryptocurrency market remains volatile, but PEPE’s recent performance showcases the dynamic and unpredictable nature of digital assets, especially in the memecoin sector.