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Cryptocurrency News Articles
PEPE Volume Surges 51%, but Weekly Price Growth Lags
Oct 22, 2024 at 05:02 am
PEPE, a meme coin with a frog theme, is riding today's wider upward market wave. Peercoin (PEPE) has surged 2.7% in 24 hours
Meme coin PEPE is rallying today as part of the broader market up wave. The token is adding 2.7% over 24 hours to reach $0.00001038, based on statistics from CoinMarketCap. However, the token has pared some of its gains with a 0.9% loss over the week.
This diverging perspective is making PEPE’s further growth a novel case, U.Today observes.
Trading Volume Skyrockets as Price Growth Stalls
On-chain data reveals that the 24-hour trading volume of PEPE has seen a massive surge. This metric has increased by 51% during this period to reach $742.55 million, according to CoinMarketCap. This bullish statistic highlights that PEPE has indeed attracted a lot of attention from traders.
However, the key issue here is that its price growth is only marginal. While there was a surge over the last 24 hours, the token is still trading at a loss on a weekly scale. If this pattern continues, it could spell out a scenario where PEPE loses another zero from its price to return to the single-digit range.
Whale Inactivity Casts Doubts on PEPE's Price Future
Other metrics for PEPE, however, seem to be contradicting the earlier prediction about prices. For instance, the PEPE whales are yet to purchase the token in bulk. Data from IntoTheBlock reveals a 16.44% loss in this metric, showing only $42 million in purchases being made each day.
This prediction—which takes into account changes in the PEPE Open Interest—highlights how a single indicator may not be enough to fully characterize or predict an asset’s future direction accurately.
Will PEPE Rally or Face a Price Crash?
Trading at 39% below its all-time high (ATH) of $0.00001718, the token has two clear scenarios ahead. It could reach new midterm highs of up to $0.00005 if it continues rising on the “Uptober” rally sentiment. However, if PEPE fails to maintain the volume surge and other marginally bullish metrics, a bearish price market could be in its future.
The PEPE community is bullish on the token’s future after October.
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