- Pepe (PEPE), a popular memecoin, has experienced a 16% rally in the last 24 hours and is among the top gainers in the market.
- The recent increase in funds can be attributed to positive sentiment surrounding Bitcoin (BTC) and the anticipation of acceptance for BlackRock’s spot Bitcoin ETF application.
Pepe (PEPE), a popular memecoin with a frog theme, has experienced a notable rally of 16% within the last 24 hours. Currently, it stands as the 6th largest gainer among the top 100 projects. Additionally, the token has seen a 15.7% increase on the weekly charts.
The recent influx of funds into Pepe can be attributed to the positive sentiment surrounding Bitcoin (BTC). As Bitcoin garners attention from investors due to various factors, other altcoins and memecoins tend to follow suit. Notably, Bitcoin’s recent rally is primarily attributed to the spot Bitcoin ETF applications filed by BlackRock and Fidelity.
Although the U.S. Securities and Exchange Commission (SEC) has yet to accept any spot Bitcoin ETF applications, there is widespread anticipation that BlackRock’s application, being the largest asset manager globally, will gain acceptance.
While Pepe’s recent rally is promising, it is important to note that the token still has a long way to go to reach its early-May highs. After its launch, Pepe witnessed a staggering rally of nearly 6000%. However, since then, the token has experienced a significant decline. On May 5, 2023, Pepe reached an all-time high of $0.00000431, but has since fallen by 75.01%.
According to data from IntoTheBlock, 54% of PEPE holders are currently at a loss, while only 33% are in profit and 13% are at breakeven. The platform also highlights a decrease of 8.10% in large transactions. However, there has been a positive net network growth of 2.05%.
It is worth noting that Pepe’s recent rally may be temporary and may not sustain its momentum. The token lacks real-world use cases, and most investors are likely involved to capitalize on short-term gains. Currently, Pepe is facing resistance around the $0.00000118 level, with support at approximately $0.00000101.
If the current resistance levels are surpassed, the token may encounter fresh resistance around $0.00000124.
At the time of writing, Pepe (PEPE) is trading at $0.00000107, marking a slight increase of 0.1% in the past hour. However, the token has experienced a 31.1% decline in the monthly charts. As the market continues to evolve, the fate of Pepe and its potential resurgence remains to be seen.