The Frog-themed meme coin, PEPE, has buckled up with high gains as the market sees recovery. The token bullishly rode on the positive wave of crypto community sentiments in the last week, adding 78% gains in seven days.
PEPE’s rally coincides with days of incredible performance across the crypto market. Bitcoin gained 15.03% last week, while the second-largest cryptocurrency by market cap, Ethereum, has scored 9.56% over the past seven days.
Pepe Coin topped charts over the past few days and still maintains a 12.43% 30-day price increase among top-gaining coins despite a slight pullback.
Possible Factors Behind Pepe Coin’s Price Moves
As of the time of writing, Pepe Coin’s trading volume has declined slightly by 8.07%, suggesting the ongoing rally isn’t coming from inflows. PEPE traded with little liquidity due to the prevailing selling pressure from the previous downtrend. So the most plausible reason for the rally could be the Pepe developers who previously sold their pre-mines at high levels.
Related Reading: Bitcoin Holders Expect Retrace, Will BTC Move Against Crowd Once Again?
The cash-out plus the recent market recovery could’ve catalyzed PEPE’s price rally. The bullish sentiment must have generated enough buzz to push the PEPE price since it is a community-driven token.
Pepe Hits Market With Unparalleled Performance Amid Heightened Volatility
The frog-theme-inspired meme token hit the market with a disruptive wave, adding growth percentage in thousands, gaining it a front seat in the hearts of meme enthusiasts. However, the enthusiasm died down when the meme coin succumbed to a long dark tunnel of a bearish trend.
But that didn’t last too long, as PEPE quickly picked pace with substantial growth that saw its price rise to $0.00000164 on June 23. PEPE closed June 22 trading session at $0.00000138, with a 29.5% price increase after rallying 13% on June 21.
The meme token also scored a nearly 20% price increase over the weekend and 3.9% on Monday, June 26, when most coins traded sideways. These consecutive gains brought the token to a price of $0.00000165, with a 3.52% increase at press time.
Besides the price rise, PEPE’s market cap-to-volume ratio has increased by 36.58% within a 24-hour time frame, according to CoinMarketCap data. PEPE has bounced above its primary support level at $0.0000013675 and is fighting to defend the $0.00000163 resistance level. A break above the current price position could trigger more rallies for the meme token.
Irrespective of the meme coin’s incredible performance over the past few days, the bulls must press on to sustain the momentum. Otherwise, PEPE might plunge back into an all-time low.
Featured image from Pixabay and chart from TradingView.com
Credit: Source link
