PEPE Coin Price Jumps 13% in One Day

Pepe Coin (PEPE) is on a bullish trajectory, reversing its previous week’s decline with a notable 13.5% increase in the last 24 hours. Currently, PEPE trades at $0.00000694, pushing its market cap to an impressive $2.92 billion and ranking it as the 35th largest cryptocurrency.

This meme-inspired token, originating from the 2000s Pepe The Frog meme, was launched in April 2023. Since then, it has soared by 12,200%, reaching a peak of $0.0000107 on March 14, with a market cap briefly touching $4.2 billion.

Market Dynamics and Investor Behavior

Recent trading activity shows a 24% rise in daily trading volumes, hitting $1.14 billion. PEPE now stands as the third-largest meme coin, trailing only behind Dogecoin (DOGE) and Shiba Inu (SHIB).

Market data from Santiment reveals a slight decrease in PEPE’s exchange inflow, dropping from 5.57 trillion tokens to 5.47 trillion in the last day. Conversely, exchange outflows have climbed to 6 trillion PEPE, indicating a trend of accumulation among investors rather than immediate profit-taking.

The number of daily active PEpe wallets has also been on the rise, growing from 2,670 on April 29 to 3,249 by the latest count. This increase in active addresses generally signals reduced price volatility and lessens the likelihood of market manipulation by large holders.

Technical Indicators and Market Outlook

The PEPE Relative Strength Index (RSI) has escalated from 64 to 72 according to Santiment, pointing towards potential overheating in the market. An RSI above 70 typically suggests that an asset might be overvalued, which could lead to high price fluctuations. However, if the RSI were to fall below 50, it might indicate an upcoming price increase for PEPE.

Investors are advised to watch these indicators closely, as they provide valuable insights into market sentiment and potential future movements of Pepe Coin.