- Frog-themed cryptocurrency, Pepe (PEPE), exhibits a mild uptick, standing out in a bearish market scenario as its trading volume increased by over 55% within the past 24 hours.
- Despite this short-lived resurgence, on-chain indicators and past internal conflicts cast a long shadow on PEPE’s potential bullish comeback.
Amidst the market’s bearish demeanor, a frog-themed cryptocurrency, Pepe (PEPE), presented a sliver of hope to its stakeholders by registering a mild uptick in its trading session on Monday. While the majority of the cryptocurrencies were painted red with Bitcoin dwindling over 2% to hover near the $26,000 mark, PEPE moved against the grain by marking a 1.44% rise within the last 24 hours, reaching a value of $0.0000006861.
Tracing PEPE’s Temporary Leap
In the cryptic narrative where every digit swings the fortunes, the minimal uptick by PEPE, even as minuscule as it seems, didn’t go unnoticed. The volume of PEPE’s trade soared by more than 55% within the past day, translating to over $65 million in PEPE tokens being traded. This sudden burgeon prompts the investors and market analysts to ponder upon a potential rejuvenation in interest towards this frog-themed cryptocurrency.
However, casting a stark shadow over this fleeting rise is the cryptocurrency’s past performance. The PEPE price graph still reminisces the steady decline from its mid-July high of $0.00000188. The narrative further tangles when observed through the lens of on-chain metrics.
Despite the mild uptick, PEPE continues to linger beneath its daily MA 50 at $0.00000089, with the daily RSI sustaining below the neutral 50 mark. This technical stance indicates a longer consolidation phase before any significant bullish movement can be anticipated. The ‘Asset Activity Matrix’ by Santiment furthers this narrative by categorizing PEPE among the cold assets, signifying an unusually low activity over the last 90 days.
Adding a layer of complexity to PEPE’s storyline is its internal conflict that transpired earlier. A fallout led to three former team members pilfering a whopping 16 trillion PEPE tokens, summing up to 60% of the 26 trillion PEPE tokens held in the multisig wallet. The fiasco not only dimmed the token’s market sentiment but also unmasked the security frailties when on September 9, an official announcement flagged a security breach within the Pepe Telegram account.
This nuanced blend of a fleeting uptick amid lingering gloom encapsulates the convoluted journey of Pepe (PEPE) in the cryptocurrency realm, unveiling the delicate threads of hope, skepticism, and caution interwoven in its market narrative.