PEPE experiences scorching 24-hour surge as prices surge by 13%
Pepe Coin (PEPE) is experiencing a bullish trend following a week of continuous declines. The price of PEPE has increased by 13.5% in the past 24 hours and is currently trading at $0.00000694. With a market capitalization of $2.92 billion, PEPE now ranks as the 35th-largest digital currency.
In addition to the price surge, PEPE’s daily trading volume has also witnessed a significant increase of 24%, reaching $1.14 billion.
Inspired by the popular 2000s internet meme, Pepe the Frog, the Pepe token was created in April 2023. Since its inception, the asset has experienced a remarkable rally of 12,200% and reached an all-time high of $0.0000107 on March 14, with a market capitalization of $4.2 billion.
It is worth noting that PEPE currently holds the position of the third-largest meme coin, trailing behind Dogecoin (DOGE) and Shiba Inu (SHIB).
According to data from Santiment, the inflow of PEPE tokens into exchanges has slightly declined from 5.57 trillion tokens to 5.47 trillion tokens in the past 24 hours. On the other hand, the outflow of tokens has experienced a small increase, hovering around 6 trillion PEPE. This market behavior suggests that investors are accumulating PEPE instead of selling for short-term gains.
Santiment’s market intelligence platform also reveals that the number of daily active addresses for Pepe has consistently increased over the past three days. From 2,670 on April 29, the number of unique wallets holding PEPE has risen to 3,249 at the time of reporting. When the price rises alongside the number of active addresses, it typically indicates lower price volatility due to a reduced chance of market manipulation by large investors.
However, Santiment’s analysis shows that PEPE’s Relative Strength Index (RSI) has surged from 64 to 72, indicating signs of overheating. The RSI suggests that PEPE is moderately overvalued in its current market conditions, which usually leads to high price volatility. Conversely, an RSI below the 50 mark could potentially indicate a further price increase for PEPE.
In other news, data reveals that losses from crypto hacks have decreased by 67% in April, amounting to $60 million.
