The world of cryptocurrency is always buzzing with new developments. One of the latest sensations is PEPE, the frog-themed meme coin. Recently, $PEPE achieved an all-time high of $0.000017. However, it’s currently trading 20% below that peak. Let’s dive into PEPE’s recent price action and what makes it stand out among meme coins.
Will this be the meme coin supercycle whispered in all the alpha chats?
PEPE’s Meteoric Rise
PEPE’s price surged, capturing the attention of the crypto community. This meme coin, inspired by the popular internet frog meme, saw an incredible rally. Let’s break down the key highlights:
- Record Highs: PEPE hit an all-time high of $0.000017 recently.
- Current Trading: The coin is now trading 20% below its peak.
- Market Cap: PEPE’s market cap soared to $7 billion during its peak, making it the 21st largest cryptocurrency by market cap.
- Trading Volume: It surpassed well-known coins like Dogecoin (DOGE) and Shiba Inu (SHIB) in 24-hour trading volume.
You can Buy/Sell/Trade Pepe on Binance & Bybit
Profitable Among Big Meme Coins
PEPE has been exceptionally profitable for its holders. According to data from IntoTheBlock, over 96% of PEPE holders are currently in profit. This remarkable statistic underscores the coin’s successful rally. Here’s a snapshot of PEPE’s profitability:
- Majority in Profit: More than 96% of PEPE holders are in the money.
- Past Month Performance: PEPE is up 116% in the past month.
- Weekly Gains: It saw a 7.7% increase in the past week.
Recent Price Action
Despite its strong performance, PEPE has experienced some volatility. The coin has seen a slight drop in value recently. Here are the details:
- 24-Hour Decline: PEPE has dropped more than 3% in the past 24 hours.
- Current Price: At the time of writing, PEPE is trading at $0.00001455.
Factors Behind PEPE’s Success
Several factors have contributed to PEPE’s roaring success. Let’s explore what makes this meme coin stand out:
- Market Sentiment: Positive sentiment and hype around meme coins, the so-called meme coin super cycle.
- Community Support: Strong community backing and social media buzz.
- Crypto Market Trends: Favorable market conditions for meme coins, especially with the recent ETH ETF approval.
Can we declare PEPE the king of meme coins?
Future Prospects
Analysts believe that PEPE’s rally might not be over yet. The coin has shown significant growth potential, and many predict further gains. Here’s what to watch for:
- Continued Growth: PEPE could see more growth in the coming months.
- Market Position: It is now the third-largest meme coin, behind DOGE and SHIB.
My Trade Setup
We first mentioned PEPE in May 2023, when the market cap was 1.6 Billion. Today, it’s 4x higher. As we mentioned before, we write about trends at Airdrop Alert, and when we do, we like to get some exposure. We held and traded PEPE in the past year with a mix of successes. But honestly, taking profits on this one has been one of the biggest regrets of this bull.
No more spot holdings, just trading swings on leverage.
Currently, when you’re trading alts, you have to keep a close eye on Bitcoin, Ethereum, and Bitcoin Dominance. If the mayors crash, there is a good chance Alt’s crash as well. If Bitcoin dominance is going down, you can bet your ass the meme coins will surge first.
A huge support level for PEPE is found at 0.000092. If we see a market nuke, this is where you could place some long orders. A smaller support level is at 0.000133. For the traders on lower timeframes, you can find some entries around there.
If you like to get better at trading, check out our latest guide on famous Fibonacci lines.
Final Thoughts
PEPE’s journey has been nothing short of spectacular. From hitting record highs to being one of the most profitable meme coins, it has captured the crypto world’s attention. While it is currently trading below its peak, the future looks promising for PEPE. As always, investors should stay informed and cautious in the volatile world of cryptocurrencies.
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You might also like our other blogs about meme coin Airdrops or our Mog Coin Guide.
