Pepe coin price: PEPE outperforms other meme coins with 16% Surge in the past 24 hours

Popular memecoin Pepe coin has risen 16% in the previous 24 hours. The frog-themed cryptocurrency is presently the sixth-largest gainer among the top 100 projects. The token has also increased by 15.7% on the weekly charts.

The recent infusion of capital in crypto news is most likely due to Bitcoin (BTC) experiencing a fresh favourable feeling from investors. The other altcoins and meme coins are most likely just derivatives of the original cryptocurrency. BTC's crypto price surge has been ascribed to BlackRock and Fidelity's spot Bitcoin ETF applications. So yes, the SEC has not accepted any spot Bitcoin ETF applications. Many anticipate the SEC to accept BlackRock's application because it is the world's largest asset manager.

Pepe Price History

Pepe coin sprang to notoriety shortly after its covert debut in mid-April, with the first Etherscan entry point on April 18.

The Pepe coin price jumped from US$0.00000006036 to US$0.0000004002 in the first three days. This translated to a 563% increase and sparked speculation that it may be one of the best meme currencies.

Following a slight pullback and some stabilization, the Pepe price resumed to surge on April 30, rising 214% in two days to set a new all-time high. According to Binance, the Pepe ATH resulted from whales stockpiling Pepe.

The Pepe rally continued, with the joke currency achieving an incredible US$1.8 billion market value and ATH of US$0.000004354 after Binance said it will list Pepe on May 5.

However, the rally was short-lived as early buyers rapidly took gains, leading the price to fall afterwards. Following the ATH, volatility has dropped dramatically, with both bulls and bears appearing weary.

Pepe witnessed tokens sell out on August 24th and 25th, 2023, dropping over 27% of their value. This was revealed in a message sent to Pepe's X account as a result of a malevolent team member stealing and selling cash from the Pepe multisig wallet.

On October 19th, when Bitcoin began its end-of-2023 rise, Pepe went on the attack, burning 1.6% of the token supply (6.9 trillion tokens) and breaking out of its long-term decline, gaining 104% in 8 days and returning to the US$0.000001 level. It has subsequently traded sideways and has failed to fully retest the psychological support level of US$0.000001.

Is Pepe making waves of comeback?

PEPE is still far from its early May peak. The meme coin grabbed news when it increased by approximately 6000% in only a few days after its inception. However, the token has taken its toll since then. On May 5, 2023, Pepe achieved an all-time high of US$0.00000431. Since then, the popular currency has lost 75.01% of its value. According to IntoTheBlock, 54% of PEPE holders are experiencing a loss. Only 33% make a profit, while 13% break even. Furthermore, the platform reports that major transactions are down by 8.10%. However, the initiative has had a net network growth of 2.05%, which is encouraging.

PEPE's most recent surge is likely to be short-lived and may not last much longer. The idea has no real-world applications, and the majority of investors are likely looking to make a quick profit.

The cryptocurrency is now finding resistance at about US$0.00000118, with support at approximately US$0.00000101. If current resistance levels are breached, the token may encounter new resistance at US$0.00000124.

At press time, PEPE was trading at US$0.00000107, up 0.1% in the past hour. However, the token is down 31.1% on the monthly charts.