PEPE is experiencing a significant surge in price, rising by 13.5% within 24 hours. Currently valued at $0.00000694, PEPE’s market capitalization has reached $2.92 billion, making it the 35th-largest digital currency. In addition, the meme coin’s trading volume has increased by 24% to $1.14 billion.
Created in April 2023, PEPE draws inspiration from the popular Pepe The Frog meme from the 2000s. Since its inception, PEPE has witnessed an astonishing 12,200% rally, reaching an all-time high of $0.0000107 on March 14, with a market cap of $4.2 billion. It is worth noting that PEPE ranks as the third-largest meme coin, following Dogecoin (DOGE) and Shiba Inu (SHIB).
Analyzing data from Santiment, the inflow of PEPE tokens into exchanges decreased slightly from 5.57 trillion tokens to 5.47 trillion tokens in the past 24 hours. However, there was a small increase in the outflow, reaching 6 trillion PEPE. This suggests that investors are accumulating the meme coin rather than selling it for short-term gains.
Furthermore, the number of daily active addresses for Pepe has shown consistent growth over the past three days, rising from 2,670 on April 29 to 3,249 unique wallets at present. This rise in active addresses, coupled with the price surge, typically indicates lower price volatility and a reduced likelihood of whale manipulation.
However, the Relative Strength Index (RSI) for PEPE has increased from 64 to 72, indicating signs of overheating. According to Santiment, PEPE is moderately overvalued at this point, with high price volatility to be expected. On the other hand, if the RSI falls below the 50 mark, it could potentially indicate a further price hike for PEPE.
In conclusion, PEPE is currently experiencing a significant price surge, indicating bullish momentum after a week of declines. As the third-largest meme coin, its market performance is closely watched by investors and enthusiasts alike.