Saad Ullah
PEPE saw a sharp 13.32% increase in just 24 hours, boosting its market cap to $3.4 billion. Is this a sign of a bullish trend for the memecoin?
PEPE's 13% Surge: A New Bullish Phase?
Pepe [PEPE], the popular memecoin, has sparked fresh interest in the crypto market with a significant 13.32% price jump within the last 24 hours. This surge has catapulted PEPE’s market cap by 13.02%, now reaching $3.4 billion. The sharp increase highlights renewed investor attention towards the token.
Alongside the price rally, PEPE's trading volume has also seen an explosive rise, growing by 64% to reach $711.05 million. Such a massive increase in both price and trading activity typically signals a growing interest in the asset, indicating that investors are once again betting on the memecoin’s potential.
On-Chain Data: Profitability and Investor Sentiment
According to AMBCrypto, the on-chain data reveals that 52.91% of PEPE holders are currently in profit, which suggests a fairly balanced distribution of the token among its holders. Additionally, the long/short ratio is skewed towards the bulls, indicating that more investors are going long on PEPE. This bullish sentiment could fuel further price gains if the current trend persists.
PEPE’s recent price action is particularly noteworthy as it breaks the downtrend that began in late July. The token had been consistently forming lower lows and lower highs, indicative of a bearish phase. However, the latest price rally has disrupted this pattern, accompanied by a bullish stochastic RSI crossover, which may signal a potential trend reversal.
Despite the positive momentum, it’s essential to approach PEPE with caution. Memecoins like PEPE are notorious for their volatility, with sharp price movements that can reverse without warning. If investors decide to lock in their profits, the ensuing selling pressure could quickly erase recent gains, leading to a short-term price dip.
Conclusion
PEPE's impressive 13% surge has reignited hopes of a bullish phase, supported by rising volume and positive technical indicators. However, the inherent volatility of memecoins means that caution is warranted, as sudden price reversals remain a possibility. Investors should weigh the risks carefully before diving in.
Saad Ullah
