PEPE Coin gains 78% in the last week and ranks among the top gainers.
The cryptocurrency PEPE, which has a frog theme, has experienced significant gains as the market begins to recover. Over the last week, the token has gained 78%, riding on the positive sentiment of the crypto community. This rally coincides with impressive performance from other cryptocurrencies, such as Bitcoin and Ethereum, which gained 15.03% and 9.56%, respectively, over the past week. Despite a slight pullback, Pepe Coin remains one of the top-gaining coins with a 12.43% price increase over the last 30 days.
Possible Factors Behind Pepe Coin’s Price Moves
At the time of writing, Pepe Coin’s trading volume has slightly declined by 8.07%, suggesting that the rally is not coming from inflows. This is likely due to the selling pressure during the previous downtrend. The most plausible reason for the rally could be the Pepe developers, who previously sold their pre-mines at high levels. The cash-out combined with the recent market recovery could have catalyzed PEPE’s price rally, generating 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-themed meme token has experienced significant growth, 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 up 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.
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PEPE has 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. 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.
Despite 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.
