Pepe Coin (PEPE) Skyrockets Over 6% Despite Overall Market Slump

Pepe Coin (PEPE) Skyrockets Over 6% Despite Overall Market Slump
Table of Contents

Pepe coin (PEPE), a frog-themed cryptocurrency is witnessing a strong bullish momentum despite the widespread sluggishness in the digital assets market, climbing more than 6% in just 24 hours.

According to CoinMarketCap, Pepe coin (PEPE) is up 6.32% in the last 24 hours to hover around $0.000001424. Meanwhile, the digital token jumped more than a whopping 22% over the past seven days,  outperforming other major crypto assets as the overall crypto market remained sideways over the weekend, indicating that traders may have been avoiding making moves at the current levels.

What Factors are Driving the Pepe coin (PEPE) Rally?

It seems the frog-themed cryptocurrency is primed for another bullish wave as TradingView upped the notch, giving a “Buy” signal in the daily time frame, which improves to a Strong Buy when considering the most important moving average indicators.

What Factors are Driving the Pepe coin (PEPE) Rally?

The recent PEPE rally has been notably driven by several factors such as substantial investments from whales and the meme coin’s decoupling from Bitcoin (BTC), among others.

As per data sourced from Lookonchain, it becomes evident that these whales have been showing heightened interest in PEPE, involving a substantial investment of 1 million USDC, that has enabled them to acquire a massive 807 billion PEPE tokens at an average price of $0.000001239 per token.

The move serves as a clear reflection of the escalating value attributed to PEPE within the market. One such whale brought $1.61 Million worth of PEPE over this past week. Data from Into The Block platform reveals that nearly 40% of the meme coin’s token supply is currently held by whales.

Another noteworthy factor behind the PEPE bull run is on-chain data firm Santiment’s recent report suggesting that Pepe has decoupled from Bitcoin (BTC) over the past week, a trend that can increase its popularity amongst dissatisfied investors. In addition, Pepe supporters are also pushing Coinbase to list the meme coin on its platform.

Experts Predict Bullish Momentum to Continue

Several experts have chimed into the Pepe coin (PEPE) rally, expressing optimism about the token’s prospects shortly. On August 13, pseudonymous market analyst, CryptoKaleo took to X to reveal that Pepe is set to bounce back and reclaim the $1 Billion market cap following a crucial High Time Frame breakout.

On the other hand, CryptoCurb is even more bullish on Pepe coin (PEPE) and believes that the meme coin can climb as high as $0.000002 before facing any major resistance. It looks like despite the recent market slump  many experts continue to hold a prevailing sentiment that the coin might witness a substantial surge.


Follow us on Social Networks

Crypto Tutorials

Crypto Reviews