Pepe (PEPE) has experienced a remarkable surge of over 60 percent in the last month, reaching a new all-time high with more than 239k on-chain holders.
The increasing demand for meme coins has overshadowed many utility-focused crypto projects in the current bullish crypto market. While Bitcoin (BTC) is striving to surpass its all-time high of over $73k after a period of correction, short-term investors are turning to altcoins to capitalize on potential gains. The meme coin sector, led by Pepe (PEPE) and Floki Inu (FLOKI), has reached a total market cap of nearly $69 billion with a daily trading volume averaging around $6.9 billion.
The resurgence of celebrity meme coins has attracted retail investors to participate in the ongoing crypto bull run. However, Ethereum co-founder Vitalik Buterin advises meme coin investors to be cautious of projects solely focused on financialization and instead prioritize utility as the ultimate goal.
Pepe Shines Brighter Than Major Crypto Projects
Pepe, the frog-themed meme coin, has seen a surge in interest from large investors in recent times. Data from on-chain transactions reveals that several PEPE whales have withdrawn over $10 million worth of the meme coin in the past week. As a result, Pepe has shown significant trading volume in recent weeks, surpassing popular coins like Dogecoin (DOGE) and Shiba Inu (SHIB). According to market data from Coinmarketcap, Pepe has recorded a 30-day trading volume of approximately $41 billion, outperforming XRP, Dogecoin, and Shiba Inu.
Can Pepe Sustain its Impressive Performance?
The rise of Pepe meme coin has largely been fueled by institutional support and liquidity exceeding $60 million on various decentralized exchanges (DEXs), facilitating seamless trading. However, Pepe faces stiff competition from numerous other meme coins, particularly those inspired by US political figures and Wall Street themes. To maintain its momentum, Pepe’s developers must continue to innovate and engage the community, similar to the strategies employed by Shiba Inu and Floki Inu.
Mid-term Price Predictions
With a fully diluted valuation of around $6 billion and a daily trading volume of approximately $1 billion, Pepe has encountered resistance around $0.0000163. Despite establishing a support level at $0.0000143, the meme coin has faced volatility in recent weeks. Failure to defend the current support level could lead to a drop towards $0.000011, aligning with the weekly 0.618 Fibonacci Extension. Conversely, a bullish trend may push Pepe towards $0.00002, corresponding to the weekly 1.618 Fibonacci Extension.
