Hype Surrounding PEPE Price Is Still Not Over! Here’s What Can Slowdown PEPE Coin
The crypto market never ceases to amaze, and PEPE coin is no exception. From its humble beginnings as a frog meme to its meteoric rise as top meme crypto, the story of PEPE has captured the attention of investors and speculators alike. In recent weeks, the price of the PEPE coin has skyrocketed, and the hype surrounding it shows no signs of abating. Following the launch in late April, the meme coin is currently giving tough competition with a nearly 5000% surge and is set to capture the entire crypto market’s attention.
Binance’s Listing Accelerates PEPE Coin’s Bullish Train
Since the dawn of Dogecoin in 2013, memecoins have played a significant role in the cryptocurrency landscape, bringing both immense success and catastrophic losses to investors. Recently, however, a fresh contender has emerged, capturing the attention of the memecoin market: Pepe (PEPE) has made waves in recent weeks, sending ripples to the market.
The frog-inspired memecoin, Pepe (PEPE), experienced a staggering 90% increase within the past 24 hours, reaching a $1 billion market cap just three weeks after its debut on April 14, 2023. Amid the soaring popularity of this latest meme coin sensation, the world’s largest exchange, Binance, has taken notice. In a recent announcement, Binance revealed plans to list Pepe (PEPE) in its Innovation Zone, with spot trading pairs set to open on 2023-05-05.
Based on information from blockchain analytics provider Lookonchain, five addresses reportedly associated with the Pepe team generated a $1.23 million profit within a thinly traded market. These addresses acquired 8.87 trillion PEPE at a discounted rate and sold more than 90% of their holdings on Uniswap, resulting in substantial gains.
What Lies Ahead For PEPE Coin?
As of writing, PEPE price trades at $0.000003021, gaining over 95.21% in the last 24 hours, according to CoinMarketCap. Analyzing the daily price chart, PEPE witnessed a massive inflow of funds near $0.0000022, which lies at the EMA-20 trend line.
However, the meme coin recently faced a minor resistance at $0.00000321 and dropped below its 23.6% Fib channel from its daily high. The PEPE token is again attempting to surge higher in the next few hours. The rising trend of the RSI line and social dominance hints that PEPE has more room to continue its uptrend.
It is anticipated that a sudden price drop is on the horizon after further increases as there is no utility and influential support for this token to hold this massive surge.
Investing in PEPE carries a considerable degree of risk, given the absence of any foundational principles. The coin will likely experience significant fluctuations and dramatic shifts in value soon, as even the official website acknowledges that PEPE possesses no inherent worth and serves solely for entertainment purposes.