Meme Coin Frenzy: Pepe Coin (PEPE) Pumps Over 50% in 24 Hours

The meme coin market is experiencing a resurgence, with Pepe Coin (PEPE) leading the charge with a remarkable surge of over 50% in the past

Written by: Arslan Butt • Tuesday, February 27, 2024 • 1 min read

• Last updated: Tuesday, February 27, 2024

Meme Coin Frenzy: Pepe Coin (PEPE) Pumps Over 50% in 24 Hours

The meme coin market is experiencing a resurgence, with Pepe Coin (PEPE) leading the charge with a remarkable surge of over 50% in the past 24 hours. While other popular meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Bonk Inu (BONK) are witnessing single-digit gains, PEPE is carving its own path with significant momentum. Here’s a breakdown of the potential factors contributing to this rally:

1. Pepe Traders Riding the Bitcoin Wave

The recent strength exhibited by Bitcoin appears to be spilling over to the meme coin sector, rekindling investor interest in these playful digital assets. As Bitcoin price gains traction, some investors might be allocating a portion of their portfolios to meme coins, seeking potentially higher returns due to their inherent volatility.

2. Growing On-Chain Activity

Several on-chain metrics are painting a potentially bullish picture for PEPE. Between February 22nd and 26th, the number of daily active addresses on the PEPE network jumped from 817 to 1,512, representing an impressive 85% surge in four days.

This significant increase suggests growing user engagement and potential interest in the PEPE ecosystem. Additionally, the 24-hour timeframe also reflects a similar spike in active addresses, further highlighting the rise in network activity.

3. Whale Activity in PEPE

An increase in whale transactions, involving significant transfers of PEPE exceeding $100,000 and $1 million, is also being observed. This suggests renewed interest from larger investors, potentially contributing to the upward momentum.

PEPE/USD Technical Analysis

PEPE is currently trading above a key resistance level of $0.0000021. A sustained break above this level could pave the way for further upward movement towards the $0.0000030 resistance zone. However, if the price fails to hold above the current level, it could encounter support near the $0.0000012 area.