Pepe coin (PEPE), the meme cryptocurrency that gained popularity during the March memecoin mania, has once again captured the attention of the crypto community by reaching a new all-time high (ATH) price.
TLDR
- Pepe coin (PEPE) recently reached a new all-time high (ATH) price
- Pepe is among the most traded assets on Binance, ranking 7th despite a 16% increase in trade volume.
- The price surge was driven by the hype surrounding Ethereum and speculation about the potential approval of a Spot ETH ETF.
- After hitting the ATH, Pepe experienced some profit-taking, but the presence of strong support levels suggests the price could remain stable.
The recent price rally can be attributed to several factors, most notably the hype surrounding Ethereum and the speculation about the potential approval of a Spot ETH ETF.
As a meme coin built on the Ethereum blockchain, Pepe benefited from the spillover effect of Ethereum’s bullish momentum.
Traders have been using meme coins like Pepe, Shiba Inu (SHIB), and Dogecoin (DOGE) as proxy bets on the growth of Ethereum and other major cryptocurrencies, hoping to capitalize on their upward trajectories.
Despite the recent decline of around 2.7% from its ATH, Pepe has managed to maintain its position in the new price range.
The analysis of the Bollinger Bands indicates high volatility and the potential for another significant move in the near future.
Additionally, the short Moving Average continues to act as a strong support level, suggesting that Pepe’s price could remain stable in the current zone.
The Relative Strength Index (RSI) for Pepe is above 65, signaling a strong bull trend. However, the recent decline prevented the RSI from entering the overbought zone, which could have triggered a bearish reversal or consolidation phase.
Pepe’s trading volume and open interest have also seen significant increases.
The token’s volume rose to over $2.3 billion, while its open interest surged to over $121 million, indicating a substantial cash inflow. These metrics suggest that there is sufficient volume and funding to support Pepe’s current price level.
The number of Pepe holders has grown slightly over the last 24 hours.
According to data from Santiment, the number of holders increased by approximately 270, from around 221,540 on May 20 to 221,830 at the time of writing. This growth in the holder base demonstrates a continued interest in the meme coin.
Pepe’s recent success can also be attributed to its popularity among traders on major cryptocurrency exchanges.
On Binance, Pepe ranked as the 7th most traded asset, despite a 16% increase in trade volume over the past 24 hours. This high trading activity indicates that Pepe remains a favorite among meme coin traders.
Meme coins like Pepe have proven to be more than just a passing trend. The recent price rally and the increased interest from traders demonstrate that these tokens can benefit from the overall bullish sentiment in the crypto market, especially when tied to the growth of major cryptocurrencies like Ethereum.
