PEPE Coin Surges by 13% in a Single Day

Pepe Coin (PEPE) is currently experiencing a bullish trend, with a significant 13.5% increase in the last 24 hours, reversing its previous week’s decline. Trading at $0.00000694, PEPE now boasts an impressive market cap of $2.92 billion, making it the 35th largest cryptocurrency.

Originally inspired by the 2000s Pepe The Frog meme, PEPE was launched in April 2023. Since its inception, the token has seen a remarkable 12,200% surge, reaching a peak of $0.0000107 on March 14 and briefly touching a market cap of $4.2 billion.

Market Dynamics and Investor Behavior

Recent trading activity indicates a 24% increase in daily trading volumes, totaling $1.14 billion. PEPE now holds the third spot among meme coins, following Dogecoin (DOGE) and Shiba Inu (SHIB).

Data from Santiment reveals a slight decrease in exchange inflow for PEPE, dropping from 5.57 trillion tokens to 5.47 trillion in the last day. Conversely, exchange outflows have risen to 6 trillion PEPE, suggesting a trend of accumulation amongst investors rather than immediate profit-taking.

The number of daily active PEPE wallets has also seen an uptick, rising from 2,670 on April 29 to 3,249 in the latest count. This increase in active addresses typically indicates reduced price volatility and reduces the likelihood of market manipulation by large holders.

Technical Indicators and Market Outlook

The PEPE Relative Strength Index (RSI) has increased from 64 to 72, as per Santiment data, hinting at potential market overheating. An RSI above 70 commonly signifies that an asset may be overvalued, leading to significant price fluctuations. However, a drop below 50 in the RSI could suggest an impending price increase for PEPE.

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

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