Key Points
- Pepe coin (PEPE) is experiencing a bullish trend, with a 13.5% increase in the last 24 hours.
- The meme coin’s daily trading volume has surged by 24%, reaching $1.14 billion.
Pepe coin (PEPE) has been on an upward trajectory after a week of continuous drops.
Currently, the cryptocurrency is trading at $0.00000694, marking a 13.5% rise in the past day.
Market Cap and Trading Volume
The market cap of PEPE has also escalated, reaching $2.92 billion and making it the 35th largest digital currency.
The daily trading volume of this meme coin has seen a 24% increase, amounting to $1.14 billion.
Pepe coin, which was inspired by the early 2000s meme, Pepe The Frog, was launched in April 2023.
Since its inception, the asset has witnessed a significant rally of 12,200% and reached an all-time high of $0.0000107 on March 14, with a market cap of $4.2 billion.
PEPE now stands as the third-largest meme coin, following Dogecoin (DOGE) and Shiba Inu (SHIB).
Exchange Inflow and Outflow
Data from Santiment shows a decrease in PEPE exchange inflow from 5.57 trillion tokens to 5.47 trillion tokens in the last 24 hours.
The exchange outflow, on the other hand, has seen a slight increase, currently standing at 6 trillion PEPE.
These market trends indicate that investors are gradually accumulating the meme coin rather than selling it for short-term gains.
According to the market intelligence platform, the number of daily active Pepe addresses has been consistently rising for the past three days, from 2,670 on April 29 to 3,249 unique wallets at the time of reporting.
When the price increases along with the number of active addresses, lower price volatility is usually expected due to a lower likelihood of whale manipulation.
However, the PEPE Relative Strength Index (RSI) has jumped from 64 to 72, indicating signs of overheating, according to Santiment.
At this stage, the RSI suggests that PEPE is moderately overvalued, and high price volatility is typically expected under these market conditions.
An RSI below the 50 mark may potentially indicate a further price increase for PEPE.
