Pepe Surges Over 200% Amid Crypto Market’s ‘Extreme Greed’ Phase

Pepe Coin, a cryptocurrency that builds its inspiration from internet memes, has appreciated by 200 % over the past week. Such precipitous growth has brought it back into the light, igniting a second breath of interest for meme coins throughout the cryptocurrency world. PEPE was trading at $0.000003474 at press time, a 65% surge from the intra-day low reflective of the bullish momentum.

PEPE/USD 24-hour price chart (source: CoinMarketCap)

In addition, the cryptocurrency market has recorded a general bullish sentiment, with the Crypto Fear & Greed Index breaching a highest peak since November 2021, reflecting an 'Extreme Greed' market mood.

Pepe Coin Leads Meme Coin Resurgence

As a shocker, Pepe Coin has quickly become a significant player in the meme coin world, with a market capitalization of over $1.1 billion. Analysts now speculate that the coin may touch its all-time high market cap of $1.8 billion, which will need a price appreciation of around tenfold from its current level. 

This conjecture is intensified by the coin's unique position within the Ethereum-based meme coin ecosystem and its rising interest on various social media platforms, particularly Twitter, where it has come under hot debate.

Social Media Play Crucial Roles

The rebound of Pepe Coin is a result of the interplay between market dynamics and the coin's increasing visibility on social media. This meme coin is an Ethereum-based creation that has taken full advantage of its unique frog-themed branding to attract the attention of investors and meme enthusiasts' attention. 

In addition, the coin's Twitter community has primarily been active, with over 53,000 posts demonstrating that it has discussed its prospects as a well-performing investment.

Influential Wallets and High-Volume Transactions

Moreover, there have been significant occurrences within its ecosystem that fueled the current success of Pepe Coin. Of importance, six significant wallets transacted, and approximately 2 trillion PEPE tokens will be out of the market. 

The high-volume transactions were profitable and regularized to about $4.37 million in sales. This market participation highlights the increasing momentum and interest in Pepe Coin in the course of its current power.

Pepe Coin now rides the wave of the generally bullish sentiment in the cryptocurrency market as its value rises. Bitcoin and Ethereum have reached notable price points, which created a suitable environment for Pepe Coin and other digital assets. The buoyant market mood indicates the possibility of a profitable time for cryptocurrency investors.

On-Chain Metrics and Technical Indicators

On-chain metrics and technical indicators further support the bullish outlook for Pepe Coin. A significant surge in daily active addresses and the Network Realized Profit/Loss metric indicate growing interest and profitability among Pepe Coin holders. Additionally, technical analysis suggests that if Pepe Coin breaks and closes above a key resistance level, it could see a further 20% increase in price.

The rally extends beyond Pepe Coin, affecting the entire meme coin ecosystem. Institutional interest, as evidenced by the introduction of spot Bitcoin ETFs, has also played a crucial role in energizing the crypto market. 

This shift towards cryptocurrency investments among institutional investors has contributed to the bullish momentum across various digital assets, including meme coins. As organizations begin to recognize the cultural significance of meme tokens, the landscape for these speculative investments continues to evolve, offering new opportunities for growth and profitability.