There are lots of surprises during the bull season. Occasionally, during a bull run, coins that have been falling or thought to be dead can rise again, and tokens with defective models can self-correct. In the instance of Pepe Coin (PEPE), which was thought to have lost value and utility but has recently gained attention and is amassing a large number, this is the situation.
With Bitcoin getting close to its peak price and the market rallying, the cryptocurrency space is a flurry of activity. Memes have particularly profited from this renaissance because of their widespread popularity and low cost, which draw in a diverse range of investors.
Pepe Coin Climbs Amid Increased Memecoin Interest
Pepe Coin has stood out in this surge of interest, coming in third place in the meme coin rankings, only behind Shiba Inu (SHIB) and Dogecoin (DOGE). This rise suggests that investors are becoming more interested.
PEPE had a very diverse trajectory and became a billion-dollar asset at periods when there was speculation of a huge trend reversal. The market cap rise of the memecoins was increasing dramatically.
Source: Coingecko
The weekly and daily chart patterns, when analyzed, show consistent growth that might perhaps reach new heights. February saw the start of Pepe’s value climb, which culminated in a 200% spike in just one week.
Today, Pepe reached a top of $0.0000041, and registered an impressive 255% rally in the weekly timeframe. The coin’s performance was equally notable in the 24-hour timescale, with a nearly 50% gain. The weekly chart shows Pepe’s value is still above the critical resistance level, indicating that the market is confident and that there may be further rises ahead.
PEPE seven-day sustained price rally. Source: Coingecko
The bulls will regain momentum and challenge the price’s upper resistance level of $0.00000315 if the market pushes the price above the barrier level of $0.00000280. Additionally, if the bulls maintain their hold on the market, it will rise further and get ready to test its upper boundary of $0.00000350.
Meme Coin Profits Up
In the meantime, a scenario of note occurred when six prominent wallets made trades and sold approximately 2 trillion $PEPE coins between them. Sales for the transaction totaled about $4.37 million, while profits came close to an astounding $2 million. Token exchanges of this size demonstrate the extent of market activity around $PEPE during this upswing.
Total crypto market cap is currently at $2.262 trillion. Chart: TradingView.com
Although lacking the technological sophistication of Ethereum, its merits reside in its active participation by the community and the capacity for social media to go ubiquitous.
Similar to other meme coins, Pepe Coin is subject to significant fluctuations in value due to celebrity endorsements and community sentiment. This renders it a potentially lucrative investment opportunity for individuals adept at navigating the tumultuous realm of internet meme culture.
With Pepe Coin experiencing a remarkable 250% surge, all eyes are on what March holds for this unpredictable cryptocurrency. As investors eagerly anticipate further developments, the question lingers: Will Pepe Coin continue to defy expectations and unveil more surprises in the coming month?
Featured image from Pexels, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.