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Over the past week, PEPE price has emerged as one of the best performers in the crypto market. This followed a long period of decline that left the meme coin’s price nearly 90% below its all-time high in June 2023. This extended bear period, coupled with waning momentum, is why the price reversal took the market by surprise.
Social discussions around PEPE Rise
To find out why the PEPE price is rising at a time when the broader crypto market has seen declines, let’s take a look at the social discussions surrounding the token. In particular, a report from on-chain tracker Santiment shows social media discussion trends about the top meme coins.
Santiment’s report shared on As the chart shows, discussions around the PEPE meme token saw an uptick this week.
PEPE sees uptick in discussions | Source: Santiment on X
It’s the only meme coin to see social media discussions increase throughout the week, with the likes of Dogecoin seeing their own stats plummet to a three-year low. This rebound could be the reason behind the PEPE price recovery this week.
When investors become interested in a coin, they will usually talk about it often on social media platforms. Depending on whether investors are collectively bullish or bearish, this could cause a price move in either direction. In this case, the upswing in discussions coincides with the price increase, indicating a higher level of bullishness.
PEPE price increases by 16% in one week
PEPE’s double-digit rise this week saw the altcoin hit a local peak of $0.00000075 on Wednesday, resulting in one of its highest levels in September 2023. This rally has since lost momentum, but the meme coin remains a big part keep his profits.
The PEPE price is up over 16% on the weekly chart and has seen a 92% increase in daily trading volume over the past 24 hours. This increase in trading volume also sheds light on rising investor interest, which could indicate a continuation of the rally once the correction bottoms out.
However, with most of the crypto market still deep in the throes of the bear market, it is unlikely that the rally can last for too long, which would be a drag. If the coin fails to establish support above $0.00000071, all of this week’s gains could be wiped out by the time the weekend is over.
