PEPE has surged in price and trading volume over the last day, outperforming the rest of the crypto market.
PEPE reached a new all-time high of $0.00001156, with trading volume spiking 350% in 24 hours.
Whales are buying large amounts of PEPE, showing massive interest in its potential.
Despite the positive outlook, it is important to understand the risks of FOMO and trade with caution.
PEPE decoupled from Bitcoin this week, in a massive display of bullishness.
Amid the general market sluggishness, this memecoin has not only registered a new all-time high but is also outperforming the rest of the crypto market by a wide margin.
This surge on PEPE is riding the wave of popularity with memecoins and Gamestop.
Over the last 24 hours, PEPE rose by a staggering 21%, breaking through its previous resistance level at $0.0000091 and now trading above the psychological $0.00001 level.
According to data from CoinMarketCap, PEPE currently trades at around $0.00001125, after hitting an intra-day high of $0.00001156.
This means that PEPE emerged as one of the best-performing crypto assets over the last day. This is without mentioning its massive spike in trading volume, and how it reached a two-month peak in trading volume of around $3.4 billion.
This spike in trading volume indicates around a 350% spike, showing that the interest in this memecoin is starting to reach frenzy levels.
Global in/out of the money
Data from IntoTheBlock also shows that about 234.72k Addresses, representing about 99.99% of PEPE holders are currently in profit, leaving a meager 20 addresses or 0.01% at losses.
From a technical perspective, PEPE has been pretty strong on the daily charts.
For starters, the cryptocurrency’s 25-day moving average has consistently outperformed its 99-day average, indicating that the bulls are taking a slow and steady approach to retake control.
Moreover, the RSI on the cryptocurrency shows a reading of more than 80, indicating that the bulls are strongly in control.
PEPE’s price action
However, on the flip side, there might also be a wave of profit taking from this point onward.
Either that or a consolidation on or around $0.0000112, before a move further up to the next price target at around $0.00001430.
Despite PEPE already having made its move, the whales appear to be in the mood for more risk, as reported by on-chain analytics firm, LookOnCHain.
In a series of recent tweets, LookOnChain detailed the strides made by crypto whales, including one involving a whale who spent 1.86M USDC to buy 195B $PEPE, making an unrealized profit of $236K.
Investor spends $2 million on PEPE
Another was a much larger whale who made more than $46M on $PEPE, after spending only $3K and making a gain of 15,718x between April 2023 and now.
Overall, PEPE's trajectory shows the unpredictable nature of memecoins.
While the cryptocurrency's outlook remains bullish, it is important to understand the risks of FOMO and to trade with caution.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.