Pepe (PEPE) Coin Market Update: Promises and Pitfalls of Investing in Meme Coins

Pepe (PEPE), well-known as the third-largest meme coin, has experienced a dramatic price increase, hitting $0.00002175. This marks its peak since mid-December, surging about 50% from its prior lows.

Pepe Surges 50% From Recent Lows, Meme Coin Market Heats Up

Pepe (PEPE) price soared on Friday, hitting a peak of $0.00002175 after a recent surge. This marked its highest level since mid-December, as the meme coin showed signs of a strong recovery.

The third-largest meme coin by market capitalization saw its recent lows at $0.00001436 on February 13, indicating a nearly 50% rebound in the token's value. As of Friday, PEPE was trading at an increase of over 45%, with its price continuing to surge.

Meme Coin Market Surges, Accumulation Signs for Pepe

This impressive jump aligns with a broader recovery in the meme coin sector. While Dogecoin (DOGE), the top meme coin, has increased its value by over 20% in recent days, other coins also experienced significant gains.

Ai16z, Fartcoin, and SPX6900 saw rises of over 50%, contributing to the overall positive momentum in the meme coin market. At the same time, the total market capitalization of all cryptocurrencies surpassed $125 billion, pointing to a robust turnaround in the sector.

Analytical data also suggests that accumulation is underway for Pepe. There has been a 0.70% decline in the number of tokens held on exchanges over the past week, reducing the total supply to 56%. This shift indicates growing interest from traders pulling coins into private holdings, a sign of traders’ bullish outlook.

However, recent weeks have seen a reduction in ‘smart money’ participation, with numbers dropping from 107 investors in November to just 87 currently. This decline reflects a broader trend as investors diversify their holdings amidst the rise of new meme coins like Pudgy Penguins and Peanut the Squirrel.

Pepe Technical Analysis

From a technical analysis standpoint, Pepe recently exhibited a positive hammer candlestick pattern, suggesting a potential for continued growth. Staying above critical 50-day and 200-day moving averages indicates bullish sentiment. As such, further gains could push Pepe towards its previous all-time high or beyond, targeting price levels of $0.00002980.