Despite the turbulence in the crypto market, especially with big players like Bitcoin and Ethereum, an unexpected contender, PEPE, has made headlines. This meme-inspired cryptocurrency is on a surprising upswing, approaching a two-month high after a challenging downturn following its significant rise in May. The recent resurgence has seen this frog-themed coin bounce back more than 100% from its June lows. This recovery has sparked a wave of interest from investors and crypto enthusiasts alike, with prevailing sentiment pointing to potential for further growth on the horizon.
Pepe’s market cap is heading towards $1 billion
Large-scale investors of PEPE, who previously made millions from the meme coin, began collecting the token again on Monday. A crypto intelligence tracker identified two whale wallets that invested more than $1.19 million in purchasing PEPE tokens. The meme coin’s on-chain stats suggest promising prospects for a near-term price hike in PEPE.
Coinglass’s Open Interest (OI) chart indicated that the increase in PEPE prices coincided with an increase in Open Interest. This showed that speculators in the Futures market were confident in a bullish trend over the past few days and were willing to bid for the asset.
Together with the On-Balance Volume (OBV), this served as another compelling indication that capital was flowing into the market. The indicators and price movements suggested that further gains were likely.
Nevertheless, the digital asset is still significantly off its $1 billion peak market cap reached in May. Reaching this milestone again would require substantial development for the meme coin, such as listing on a US-based cryptocurrency exchange such as Coinbase. An announcement of this magnitude could potentially trigger another noteworthy rally for PEPE. A 100% increase from the current position would well exceed the $1 billion market cap.
What’s next for the PEPE price?
In the past 7 days, the PEPE coin has gained more than 8%; however, bears put up a strong fight today, causing the meme currency to drop more than 4%. At the time of writing, PEPE is trading at $0.000001739.
Analyzing the 4-hour price chart, PEPE is currently witnessing a downside correction after a rejection near $0.0000019. Bears aim to push the price below EMA20 to cause a severe downturn and wipe out recent gains.
If bears successfully push the price below the immediate support line at $0.00000162, PEPE could drop significantly and reach its crucial bottom at $0.0000013. As the RSI attempts to drop below the midline, this bolsters confidence among short-term sellers.
On the other hand, a breakout above $0.000002 will increase buying pressure, and the price of PEPE could initiate another bullish rally with the potential to reach a market cap of $1 billion.
