The cryptocurrency market has been riding a bullish wave, with the spotlight shining brightly on memecoins. Among these, PEPE, a frog-themed memecoin, is making headlines as it outperforms major cryptocurrencies by a considerable margin.
PEPE’s Impressive Surge in the Crypto Market
PEPE has experienced a meteoric rise, gaining an impressive 62% in the last seven days. Despite a minor dip of 3% in the last 24 hours, the token’s weekly performance places it among the top earners in the crypto space. Currently trading at $0.00000678, PEPE continues to attract retail interest, further boosting its momentum.
What’s Driving PEPE’s Momentum?
The spike in PEPE’s value can be attributed to significant retail demand. On-chain data reveals that 8.3% of PEPE’s circulating supply is held by retail traders on Robinhood alone. Additionally, futures market data from CoinGlass indicates a rise in open interest, which reached $484 million, up from $446 million recorded the previous weekend. These figures suggest an increasing number of retail investors are opening long positions on PEPE.
Analysts explain how the alignment between derivatives demand and spot trading interest breeds volatility, a factor that fuels further spikes in PEPE’s price. Prominent crypto analyst James Wynn predicts that if the current bull market persists, PEPE’s market cap could soar to an estimated $69 billion, a remarkable leap from its current $2.58 billion valuation.
Price Predictions and Market Indicators
Technical indicators signal promising prospects for PEPE. The memecoin’s 4-hour chart shows robust bullish momentum, with its price approaching the 200-day exponential moving average (EMA) of $0.00000749. If this trend continues, PEPE could rally toward the September 25 low of $0.00000886.
However, caution remains warranted. The Relative Strength Index (RSI) currently sits at 79, entering the overbought zone, which may trigger short-term corrections. In such a case, PEPE’s price could retest the resistance-turned-support level at $0.00000650.
Other Memecoins Gaining Traction
PEPE isn’t the only memecoin capturing attention. Over the past week, other standout performers include Dogecoin (17%), Shiba Inu (15%), FLOKI (37%), PENGU (33%), and BONK (46%). These cryptocurrencies thrive on retail hype, showcasing why memecoins remain a powerful force in the market.
Where to Buy PEPE
If you’re looking to capitalize on the growing hype around PEPE and other memecoins, platforms such as eToro, Coinbase, and OKX are excellent marketplaces to start. Always ensure you’re trading through a secure and reputable broker to protect your investments.
What’s Next for PEPE and Memecoins?
As bullish trends captivate the crypto space, memecoins like PEPE remain at the forefront of retail investor frenzy. While the excitement is palpable, investors should remain vigilant about market volatility and conduct detailed research before diving into the memecoin rally. With careful observation and strategy, PEPE might indeed be more than a fleeting trend—it could become an investment opportunity.
