The Rise of a New Meme Coin

On Jul 17, 2024

The PEPE rally surprised everybody in the crypto world. It recently outperformed powerful meme coins like Dogecoin and Shiba Inu.

PEPE was trading at $0.00001259, which caused it to surge by 24.83% in just 24 hours. This remarkable performance has surprised crypto enthusiasts and investors even more because it was observed in the middle of a crypto market downturn. PEPE has carved out a unique position in the market.

Also Read: Shiba Inu or Pepe Coin: Which Cryptocurrency Can Reach $0.01 First?

How PEPE Outperformed Dogecoin and Shiba Inu in the Meme Coin Mania

What Led to PEPE’s Price Surge?

PEPE’s recent performance has been nothing short of extraordinary. The meme coin’s 24-hour trading volume exploded by 98% to $2.18 billion. This has, of course, garnered the curiosity of investors.

Here are some of the most important factors:

24-hour increase of 24.83%, reaching $0.00001259
Trading volumes increased 98% to $2.18 billion in 24 hours
Ethereum’s price spike following spot ETH ETF approval
Increased social media attention and community engagement
Speculative trading driven by FOMO (Fear of Missing Out)
The technical breakout above key moving averages attracted momentum traders

Also Read: Can Pepe Coin Hit New ATH And Touch $0.00003 In June?

Investment Highlights and Concerns

The recent PEPE rally has grabbed everybody’s attention, but this situation also comes at a cost and raised some concerns.

Nascent, a well-known venture capitalist, purchased 141 Billion PEPE tokens, contributing to the recent surge. That said, analysts are concerned about the concentrated ownership of PEPE. These worries are natural when a handful of traders buy enormous amounts when the token is released.

Future Predictions and Market Outlook

Even though PEPE has caused a stir in the crypto market with its latest surge, its future remains debatable. Some analysts predict that PEPE could reach $0.000065 by 2030. Others suggest a potential price of $0.000030 by the end of 2024.

The PEPE community closely watches these projections; not everybody’s happy about its latest performance.

Also Read: Pepe’s Price Forecasted To Surge 200%: Here’s When?

The PEPE rally has shown the appeal and volatility of meme coins in the crypto environment. Although its latest performance has been impressive, market sentiment varies.