PEPE’s Rapid Popularity Growth
PEPE is a meme coin with no inherent value, serving primarily for entertainment purposes. Meme coins have existed since the early days of Web1, capitalizing on viral trends. Dogecoin (DOGE) was the first to gain massive attention, followed by Shiba Inu (SHIB) and Floki Inu (FLOKI).
Launched in mid-April 2023, PEPE has no formal team or roadmap. Despite this, it quickly gained a market cap exceeding $500 million and broke into the top 100 cryptocurrencies by market capitalization.
PEPE is available on major exchanges like Huobi, Kraken, KuCoin, MEXC, and OKX, as well as decentralized exchanges such as Uniswap. The official website claims that PEPE is “the most memeable meme coin in existence,” although it emphasizes that PEPE does not aim for financial return.
The PEPE ecosystem has been growing fast, and PEPE has become one of the most volatile cryptocurrencies since its inception. Recently, the price of PEPE jumped significantly from $0.0000077 on July 8, 2024. This surge has heightened volatility, but according to recent on-chain data, more investors seem to be adopting a long-term holding strategy, focusing on the future potential of the PEPE token.
The Hype Around PEPE Isn’t Over Yet
A key factor behind Pepe’s growth is the increasing awareness among crypto participants about how quickly meme coins can grow. However, the broader dynamics of the cryptocurrency market still significantly impact PEPE’s price. Additionally, signs that major market players, known as crypto “whales,” are showing greater interest indicate that the PEPE hype isn’t finished.
Yet, some analysts are questioning whether PEPE’s price will continue to rise or if it has already peaked for this cycle. If the trading volume keeps rising, the buying pressure could push the price to new all-time highs. On the flip side, a drop in trading volume could lead to a reversal.
Since trading volume is crucial for liquidity, a reduction in volume could make it more challenging to buy or sell large amounts of PEPE without affecting its price. Smaller trades could then have a greater impact, making the market more vulnerable to price fluctuations. Thus, investors should approach PEPE with caution, conducting thorough research and evaluating their risk tolerance before investing.
Технички увид за PEPE
Since July 8, 2024, PEPE has risen from $0.0000077 to $0.000013, and the current price stands at $0.000012. Despite recent declines, large investors seem unfazed, but a drop below $0.000011 would signal that PEPE might test the $0.000010 price level.
Клучни нивоа на поддршка и отпор за PEPE
From the chart (starting January 2024), key support and resistance levels for PEPE can help traders predict potential price movements. The recent highs have weakened, but if the price rises above $0.000014, the next resistance could be at $0.000016. The current support level is $0.000011; if it breaks this level, a “SELL” signal could follow, with the price potentially dropping to $0.000010. If the price falls below $0.000010, which also represents a key psychological support level, the next target could be around $0.0000080 or lower.
What Could Drive PEPE’s Price Up
PEPE remains in a “bullish phase,” with a significant increase in trading activity in recent weeks. The rise of meme coins has shown how quickly they can gain momentum, and PEPE’s surge can be attributed to the increased involvement of crypto whales. If the trading volume continues to rise, it may drive PEPE’s price to new heights.
What Could Signal a Decline in PEPE’s Price
While PEPE has advanced since July 8, 2024, it is still a highly volatile and risky investment. The broader macroeconomic situation could affect the crypto market, and Bitcoin’s movements will likely influence sentiment. Any substantial declines in Bitcoin could impact PEPE’s price negatively.
Што велат аналитичарите и експертите?
PEPE’s rapid popularity within the crypto community has been noteworthy, but experts agree that it remains a highly speculative investment. With no real utility or roadmap, PEPE is a meme coin, yet it boasts a market cap of over $5 billion. Since July 8, 2024, PEPE has surged by more than 45%, driven by a spike in whale transactions.
The key question now is whether PEPE’s “bullish phase” can continue. Analysts suggest that if trading volume remains high, PEPE could see further gains. However, a decrease in volume could trigger a price reversal.
Општи услови: Crypto investments are highly volatile and risky. Only invest money you can afford to lose. The information provided is for educational purposes only and should not be considered as financial advice.
