The overall cryptocurrency market has experienced a resurgence, reigniting optimism for an altcoin rally. Leading this resurgence are meme coin, with Pepe (PEPE) notably making significant gains in the past day, surging by nearly 20%. PEPE has reached record valuations, but the community anticipates that its upward trajectory may continue, potentially entering another phase of price discovery without a clear endpoint.
In a single day, PEPE surged by another 22.95% and recorded a 25% increase week-on-week, trading at an all-time high of $0.00001036 after recovering from a 50% loss. While such price movements are not uncommon in the highly volatile low-price range, PEPE signifies more than just a token experiencing a pump; it serves as an indicator of renewed energy in the crypto market.
PEPE has already achieved full launch status, with 100% of its supply in circulation, making it one of the most actively traded tokens. Its community, known for its dedication to holding, has contributed to PEPE's ability to rebound from lows.
Although decentralized trading for PEPE is limited, with less than 1% of total volume occurring on Uniswap, some PEPE has found its way into smaller DeFi protocols, bridges, and lending platforms. Many PEPE holders are not eager to sell immediately for profit, instead viewing the token as instrumental for future growth and anticipating the development of an even more influential brand.
Can PEPE Consume One More Zero?
The last PEPE demonstration does not appear to be ending in the last 24 hours. If the surge in altcoins and meme coins persists, the question of whether PEPE is prepared to swallow another zero still stands.
The fact that PEPE's community anticipates much more than a temporary boost is one of its main supporters. The target is a memetic supercycle, in which PEPE is amplified. PEPE wants to replace Dogecoin (DOGE) and ShibaInu (SHIB) as a top 10 token in the "frogs vs. dogs" conflict.
The secret to "eating a zero" is holders, and PEPE is easily incorporated into hundreds of portfolios every day due to its accessibility.
Where Does Support for PEPE Come From?
PEPE appears to be fueled by a sense of "we are so back." Still, there are a number of reasons in favor of the token. One reason for this is that on Binance, over 44% of all PEPE trades are concentrated in a single trading pair, allowing for rapid liquidity inflows and large price fluctuations.
All major exchanges, with the exception of Coinbase spot listing, carry PEPE. The asset is currently awaiting a fresh partnership that might increase exposure and volumes. Coinbase has been carrying PEPE perpetual futures since April 23, nevertheless, which has increased the token's activity.
PEPE boasts a sizable holder base, with 219,625 wallets, primarily dominated by exchanges. Presently, PEPE predominantly trades on centralized markets and has yet to venture into decentralized exchanges such as Uniswap. This sets PEPE apart from newer meme tokens, which often rely solely on decentralized pairs for trading.
The token's recent addition to platforms like Revolut and Crypto.com has further bolstered its exposure. As a result, PEPE has risen to become the third-largest meme asset, trailing only DOGE and SHIB in terms of popularity and market capitalization. Following the latest rally, PEPE has achieved the most significant 12-month returns among the top three meme assets.
An All-Time High Occurs Following Raging Kitty's Reawakening
The resurgence of Roaring Kitty, the fabled stock picker responsible for the GameStop short squeeze, on social media and the meme token boom coincided. Despite Roaring Kitty's lack of affiliation with any cryptocurrency or token, her sheer exuberance lifted the tone of the market as a whole.
Remember that PEPE is still a politically charged token, despite the fact that it appears to be based only on conjecture. Pepe is said to have been created by the anonymous user @degenharambe, who surfaced from the 4Chan meme swamp. Sensitive stuff on the profile that crosses over into the meme coin conversation can cause it to be reported.
May 2024, Cryptoniteuae