The crypto world has been captivated by the remarkable rise of the Pepe (PEPE) meme coin, which has been setting new all-time highs (ATHs) throughout 2024.
This Frog-themed digital asset has rallied by more than 10x so far this year, surpassing several milestones along the way.
TLDR
- Pepe (PEPE) meme coin has seen a meteoric rise, setting new all-time highs (ATHs) in 2024.
- Analysts predict a potential 10% retracement for PEPE before reaching new ATHs.
- PEPE’s trading volume has surged by 216% from the start of May, despite a 12% price drop after reaching ATHs.
- While some traders believe PEPE is leading the meme coin market, others are skeptical of its sustainability.
Pepe’s latest ATH of $0.00001750 came after an astonishing 112% price increase over the last 30 days. However, despite this extraordinary performance, analysts predict that the meme coin could face a potential 10% retracement before reaching new ATHs.
Crypto analyst Crypto Patel shared on CoinMarketCap that Pepe has broken below a descending triangle pattern, which could lead to a short-term price decline.
However, technical indicators remain strong, suggesting that the Pepe Coin price could continue its increase after the correction.
The Moving Average Convergence Divergence (MACD) indicator, for instance, suggests a bullish support for the meme coin’s price surge, with green histogram bars located above the zero line.
This indicates that there is a fundamental bullish momentum driving Pepe’s ascent.
While Pepe’s potential retracement has been a topic of discussion, the meme coin’s trading volume has surged by an impressive 216% from the start of May, despite a 12% price drop after reaching ATHs.
This surge in trading volume indicates heightened interest from traders, even as the meme coin experiences volatility.
Some crypto traders believe that Pepe is steering the direction of the entire meme coin market, while others remain skeptical of its sudden fall after recently hitting new highs.
Crypto trader Michael Pizzino has warned that if the next rally fails to print a new high, it could be a sign of trouble for Pepe.
Since its launch in May 2023, Pepe has experienced significant price growth, soaring by 25,955%. Just this year alone, since January 1, it has surged by an astonishing 1,042%.
There have been several periods of significant volatility throughout the year, which traders have capitalized on.
On May 30, it was reported that a Pepe whale holder capitalized on the most recent spike by making nearly $5 million profit on the Pepe token within a month, highlighting the potential for substantial gains amid the meme coin’s volatility.
