PEPE’s Performance

Pepe (PEPE) made an explosive rebound to a price not seen since the end of August on the way to the weekend.

Meme coin PEPE (PEPE) enjoyed the weekend with a 15% gain, reaching $0.00001127 by 6:00 AM UTC. The token also experienced a 16% price movement from a low of $0.000009841 to a high of $0.0000115 in the past 24 hours.

As the meme coin changed hands, over $1.4 billion worth of PEPE moved between DeFi wallet addresses. With a circulating supply of 420.69 trillion, the latest developments pushed the cryptocurrency’s market cap to $4.74 billion.

In the longer timeframes, PEPE exhibited significant gains, rising 39.50% in a week, 44.50% in a month, and $1,437.80 in a year.

The token’s all-time high was only four months ago at $0.00001718. At this rate, it needs to rally by 52.44% to match its record-high figures.

PEPE’s technical analysis from TradingView, which is adjusted in accordance with various oscillators and moving averages, recommends a “Strong Buy” on the daily chart. In contrast, it indicates “Buy” on the one-week and one-month frames.

However, the daily relative strength index (RSI) reading of 74 based on the price fluctuations warns that the meme coin is already overbought. This suggests that the asset may be due for a pullback or correction in the short term if PEPE fails to maintain its bullish momentum.

Bitcoin (BTC) pushed past the $66K boundary on several occasions in the past 24 hours, leading to gains for altcoins. Meme coins have particularly benefited from the world’s premier crypto asset’s significant recovery and the ensuing FOMO (fear of missing out), especially Shiba Inu (SHIB).

Recent events have led analysts to surmise that we may be on the brink of another altcoin season or meme coin mania. Popular crypto trader Ali Martinez, who uses the handle @ali_charts on X, also shared the same sentiment.

A few days ago, Martinez noticed that altcoins, excluding Ethereum (ETH), have been accumulating in total market capitalization. At that time, he said that they were on the verge of a breakout.

"Altcoins (ex ETH) total market cap breaking out. I don't know if full-blown altcoin season yet, but it's definitely a good start."

— Ali (@ali_charts) December 13, 2023

Although Martinez was unsure whether or not the crypto market was already on a full-blown altcoin season, he remarked that the pattern playing out was “definitely a good start.”

We strongly recommend investors to exercise due diligence before investing in PEPE. The information here, although not comprehensive, could present them with a good starting point for their research.