Pepe [PEPE] has witnessed a substantial surge in the last 24 hours, achieving an impressive milestone by hitting an all-time high of $0.000026948.
Driven by strong upward momentum, the memecoin has now reached a market cap of $11 billion, surpassing Uniswap [UNI] to secure the 20th spot among memecoins.
The recent surge in Pepe’s price charts reflects a growing demand for the coin and a significant upward trend. Currently, Pepe is trading at $0.00002519.
In the past day, Pepe has seen an impressive 18.99% surge in its price. Simultaneously, the trading volume has skyrocketed by 146.16%, reaching a peak of $7.54 billion.
Given the current market scenario, investors are curious about the future potential of Pepe. Analysis suggests a positive sentiment surrounding Pepe, indicating further gains for the memecoin.
Pepe Chart Analysis
Pepe continues to face strong buying pressure as new investors flock into the market, driving the upward momentum.
Notably, large investors (whales) have been accumulating Pepe, especially after a slight dip to $0.000018. Interestingly, two wallets owned by the same whale acquired 190.14 billion Pepe tokens for 4.89 million USDC.
Whales’ accumulation indicates confidence in the market and results in increased demand, as evident from a significant spike in large transactions by 160.25% to 1.27K in the last day.
Moreover, Pepe’s Open Interest surged to a new high of $335.25 million, rising by 41.12%, signifying investors taking significant positions in the memecoin.
Furthermore, the daily active addresses for Pepe rose by 56.67%, reaching 17.94k from 11.45k. This uptick in active addresses suggests a robust fundamental support for the ongoing price rally due to the increasing participation.
Hence, the price surge is not solely driven by large holders but also retail traders, highlighting a crucial role of on-chain activity in asset growth.
Future Outlook for Pepe
Pepe has exhibited a remarkable upward trend in the past month, rising by 130.46%. With the current accumulation trend and bullish sentiment, Pepe seems poised for further price gains.
If the existing momentum persists, Pepe could potentially surpass its previous high of $0.000026948 and establish a new peak. Any correction might find support around $0.000022.