PEPE Price Analysis: PEPE Surges as Bullish Momentum Continues, Hits 6.5 Billion Market Cap and Counting

One great meme coin is stealing the spotlight each and every day - Pepe (PEPE). According to the latest data from CoinMarketCap, this Ethereum-based token has surged past the $6 billion market cap on May 23rd, moving it to the 21st spot among all crypto assets. 

The catalyst for this impulsive move can be attributed to the bullishness surrounding the SEC approval of an Ethereum spot Exchange Traded Fund (ETF). As an ERC-20 token, Pepe has ridden the wave of excitement over this ETH-based news.

The numbers speak volumes about Pepe's super rise. Its price hit an all-time high of $0.0000157 on May 23rd, after a 76% gain in just three days before the day of fresh record. Over the past 24 hours, Pepe has seen a 12% increase to currently read at $0.00001544, with a 53% surge over the last 7 days and a whopping 112% jump in the last 30 days. Its market cap stands at ober $6.5 billion, while its 24-hour volume is at $2.1billion.

On-chain metrics further reinforce the growing investor interest in Pepe. According to data from Santiment, the 24-hour Active Addresses metric, which tracks the number of wallets interacting with the Pepe blockchain, has spiked from 3.5K to 12K between May 20th and 22nd. This significant uptick suggests that investors are actively engaging with Pepe at its current price levels.

Another key indicator is the declining supply on exchange. As investors move their assets to private wallets, signaling anticipation of future price increases, the supply on exchanges has been steadily dropping over time. Currently standing at 173.78T on May 25th, this trend further highlights the buying pressure behind Pepe.

Moreover, the Pepe Futures Open Interest (USD) has soared to an all-time high just a few days, on 22nd May, surpassing $163 million. A higher open interest often indicates more traders entering the market using futures contracts, which can lead to increased volatility as these traders place bets on Pepe's future price movements.

PEPE Technical Analysis

From a technical analysis perspective, Pepe's bullish momentum appears to be far from over. The coin has been on a remarkable uptrend since marking a low of 0.00000391 on April 13th. Just over a month later and 10 days later, on May 23rd, Pepe's price recorded a new all-time high, representing a 301% increase. A great performance!

Pepe's price action has consistently broken through resistance levels, creating new higher highs and respecting an ascending trendline since the April 13th low. If this bull charge remains intact, the long-term outlook suggests that Pepe could continue to set fresh all-time highs regularly.

While Pepe's price is currently slightly below its recent all-time high, today's surge has pushed it much closer, raising the possibility of recording yet another record high.