Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

PEPE Frenzy: 100% Gains In 30 Days, But Can The Memecoin Keep Its Composure?

Source Newsbtc

The cryptocurrency world is witnessing a familiar sight: a meme coin on fire. PEPE, a token emblazoned with the internet’s favorite frog, has skyrocketed in recent weeks, leaving investors wondering if this is the dawn of a new era or a fleeting fad.

PEPE On A Tear: New Highs And Whale Activity

Over the past month, PEPE has been on a tear, exceeding expectations and leaving a trail of green for investors. The price triumphantly reached a new all-time high, surging over 100% in just 30 days. This astronomical rise translated to happy hodlers, with IntoTheBlock data revealing that a whopping 97% were sitting pretty in profit.

CoinGecko data show that Pepe has risen 56% in the previous week and 99% in the last month, recovering its position as the third-largest meme coin by market capitalization from Dogwifhat (WIF).

The bullish momentum hasn’t shown any signs of slowing down. The past 24 hours saw another surge of 3.7%, further propelling PEPE to its current peak. This impressive performance has garnered significant attention, not just financially, but also on social media. The coin’s social volume has spiked, indicating a surge in interest and online chatter.

Adding fuel to the fire, a whale, a term used for large investors with significant buying power, has been making waves. Lookonchain, a blockchain analytics platform, recently reported a whale withdrawing a staggering 500 billion PEPE from Binance, a major cryptocurrency exchange. This mass accumulation suggests a whale-sized vote of confidence in PEPE’s future.

Buying Frenzy Or Overheated Engine?

While the recent price increase and social media buzz are undoubtedly positive signs, some analysts are urging caution. A closer look at technical indicators reveals potential signs of an overheated market. The Chaikin Money Flow (CMF), which measures buying and selling pressure, has registered a decline.

Similarly, the Money Flow Index (MFI) and Relative Strength Index (RSI) are both hovering in the overbought zone, suggesting PEPE’s price might be due for a correction.

Further complicating the picture is the presence of selling pressure. While some investors are piling in, others might be cashing out on their profits. Santiment, a crypto analytics platform, observed a rise in PEPE’s exchange outflow last week, indicating buying pressure. However, they also noted an increase in supply on exchanges, suggesting some investors might be taking advantage of the high price to sell.

Potential Price Correction

NewsBTC analyzed PEPE’s daily chart to gauge the impact of this potential selling pressure. Their analysis suggests that the price might first fall to $0.0000122 before potentially finding support and initiating another bull run. However, a deeper correction could see PEPE plummet to $0.000010 or even lower.

The Most Traded Memecoin

Meanhwhile, Pepe was still among the most traded cryptocurrency assets over the previous day, according to data from Binance, with only BNB Coin (BNB), Bitcoin (BTC), and Ethereum (ETH) surpassing it.

Pepe continues to be the most traded meme coin, surpassing popular coins such as Dogecoin (DOGE), Floki (FLOKI), and Shiba Inu (SHIB).

Featured image from ART street, chart from TradingView

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Dollar index tops 100 for the first time since July as the Fed's hawkish dot plot sinks in The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.

Author Irene Q.

Sep 17, Thu

The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.

Gold ends three-week slide at the $4,400 line — eight straight days of ETF inflows vs a 5% 10-year and a 100 dollar Spot gold closed Friday at $4,378.39, up 0.84% on the day and about 0.8% for the week — its first weekly gain in four weeks — with the intraday high of $4,399.67 leaving it 33 cents shy of the $4,400 line. Gold ETFs have now logged eight straight sessions of inflows, but with the 10-year back above 5% and the dollar index near 100, here is what decides whether this is a reversal or a bounce.

Author Suzie

Sep 20, Sun

Spot gold closed Friday at $4,378.39, up 0.84% on the day and about 0.8% for the week — its first weekly gain in four weeks — with the intraday high of $4,399.67 leaving it 33 cents shy of the $4,400 line. Gold ETFs have now logged eight straight sessions of inflows, but with the 10-year back above 5% and the dollar index near 100, here is what decides whether this is a reversal or a bounce.

Bitcoin rallies near $86K on improving markets ahead of quarterly options expiry Bitcoin (BTC) market conditions improved over the past week as spot buying pressure strengthened and derivatives positioning increased, pushing the top crypto near $86,000.

Author FXStreet

Yesterday 01: 16

Bitcoin (BTC) market conditions improved over the past week as spot buying pressure strengthened and derivatives positioning increased, pushing the top crypto near $86,000.

Dollar holds above 100 near a 3-month high — three Fed speakers and a $69 billion auction land tonight The dollar index closed at 100.43 on Monday, its highest close since late July, after a weekly gain of about 1% — the best in more than three months — and is holding above the 100.00 handle in Asia. Three Fed officials speak tonight alongside a $69 billion two-year note auction, the first leg of $183 billion of Treasury supply this week.

Author Suzie

Yesterday 06: 34

The dollar index closed at 100.43 on Monday, its highest close since late July, after a weekly gain of about 1% — the best in more than three months — and is holding above the 100.00 handle in Asia. Three Fed officials speak tonight alongside a $69 billion two-year note auction, the first leg of $183 billion of Treasury supply this week.

October hike odds climb toward 60% as Goldman and BofA both flip — what Warsh's "dose of accommodation" really changed Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Author Irene Q.

3 hours ago

Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Popular Symbols