PEPE Jumps 3% Amid $500 Million Trading Volume: Price Prediction
The price of PEPE has gained by 3% in the past 24 hours, reaching $0.00001147 on a day when the crypto market as a whole has risen by 2%.
It’s now up by a healthy 8.5% in a week, and while the meme token has lost 26% in a month, it also holds onto a strong 625% increase in the past year.
This percentages come as its trading volume lifts to $500 million, rising from $300 million yesterday as traders take the opportunity to buy the token at a discount.
And with the wider market recovering today after a tough couple of weeks, PEPE may ride the wave to more gains in the near future.
PEPE Jumps 3% Amid $500 Million Trading Volume: Price Prediction
While PEPE did look like it was on course to mount a recovery earlier this morning, it has actually lost 1% in the past hour.
This has weakened its momentum, with its indicators suggesting that it may lose a little more ground before rebounding again.
Its relative strength index (purple), for example, has dropped from 70 in the early hours of the morning to 40 as of writing.
This suggests an increase selling pressure, with the coin’s 30-day average (orange) also beginning to fall again after moving closer to the 200-day earlier today.
However, given that PEPE has spent much of the past few weeks falling and entering oversold territory, it’s entirely arguable that today’s dip won’t last for long.
Also pointing in this direction are the coins resistance (red) and support (green) levels, which are converging on each other and moving towards a pinch point that could see PEPE making a big move.
That the coin’s trading volume has lifted today is an encouraging sign that this move could be upwards, after a period that has seen whales dump a portion of their PEPE holdings.
In the past hour, whale "0x837" transferred 1.1T $PEPE ($14.2M) to the #Binance deposit address "0x0b1". Watch out if this will soon be unloaded to the CEX.
Note that the whale still has 300B $PEPE ($3.78M) left, and the estimated total loss from $PEPE is $1.7M (-5.69%).
Follow… pic.twitter.com/5TETNGmibD
— Spot On Chain (@spotonchain) June 26, 2024
What’s interesting about PEPE is that it reached its current ATH – of $0.00001717 – more recently than most other major tokens, suggesting that it may have more near-term momentum than many possible alternatives.
Such momentum could coalesce with incoming Ethereum ETF launches to help propel PEPE’s price further, with Ethereum-based meme coins such as PEPE likely to benefit from any post-ETF lift.
The coin has remained one of the most popular meme tokens among whales, who have repeatedly pumped the token throughout the last 12 months or so.
They’re likely to do so again very soon, with PEPE potentially on track to reach $0.000013 in a few weeks, and $0.00002 by Q4.
New Pepe Meme Tokens May Have More Potential
A bear could argue that, since PEPE reached its current ATH quite recently, it may have to wait a while before it begins climbing to new heights again.
If true, this means traders may be better off looking to alternatives, with several new meme tokens looking very promising as they hold their presales.
One prime example of this is new layer-two project Pepe Unchained (PEPU), an ERC-20 token that has already raised just over $1.5 million in its token offering.
We’ve hit $1.5M! 🎉💸
Pepe’s breaking chains and making gains with his new blockchain! 🐸🚀 pic.twitter.com/Ilbu8KOT9N
— Pepe Unchained (@pepe_unchained) June 30, 2024
More than another run-of-the-mill meme coin, Pepe Unchained offers lots of utility via its layer-two network.
Its L2 will provide instant transactions and competitively low fees, making it a serious rival to Optimism, Arbitrum, Base and other similar networks.
Its efficiency will also enable it to offer higher staking rewards than normal, providing a further attraction to investors and users.
Also helping its future prospects is its effective use of the Pepe meme, with the coin now having over 4,000 followers on X and more than 2,000 subscribers on Telegram.
Given that it opened these channels barely a month ago, these numbers show an encouraging sign of Pepe’s future potential.
As a token, it has a capped supply 8 billion PEPU, with 20% of this going to the presale, 30% to staking, 20% for marketing, 10% for liquidity, 10% for project finance, and 10% for chain inventory.
Investors can buy PEPU with either ETH, BNB, USDT or fiat currency, by going to the coin’s official website and linking their crypto wallets.
It has every chance of rallying big once it lists, and could be one of the best new meme coins of the year.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
