- Pepe Coin is a popular memecoin on Ethereum due to its much higher transaction volume compared to its rivals.
- Expert assessments, supported by technical trends and recent market movements, point to a bullish outlook for PEPE.
In the midst of an influx of newcomers on Ethereum, the famous memecoin PEPE continues to attract traders’ attention.
Pepe Coin has significantly outpaced its peers with a stunning $84 million in transaction volumes over the last two weeks, surpassing its nearest competition, GROK, which only generated $14 million, according to statistics from a Dune dashboard.
This result highlights PEPE’s dominant position on the Ethereum blockchain, where it maintains its lead despite the network’s increased gas fees.
2024: The Emergence of New Memecoins
There has been an exponential increase in the quantity of new memecoins in 2024. April saw 138 new memecoins launched on CoinMarketCap, up nearly threefold from the same month last year, according to on-chain analyst Crypto Koryo.
Though less than 10% of all tokens are listed on CoinMarketCap, Koryo speculates that the true numbers may be substantially higher.
Even if some doubters question the reasoning for purchasing memecoins, these tokens have made a name for themselves in the cryptomarket. Private funds are now establishing dedicated investment strategies for memecoins, recognizing their potential beyond mere speculation.
Renowned cryptocurrency investor Tyler Reynolds supports this approach by emphasizing the high-beta characteristics of popular memecoins that can yield substantial profits, such as Pepe, Doge, and Shiba Inu.
Technical Analysis: Expert Opinion Regarding PEPE
As of now, PEPE’s price stands at approximately $0.000008488, reflecting a 21.59% increase over the past week despite a recent 5.40% drop in the last 24 hours, according to CoinGecko.
Captain Faibik, a well-known crypto analyst, has identified a bullish flag pattern in PEPE’s daily trading charts, indicating a confirmed breakout and suggesting a potential upward trajectory.
$PEPE #PEPE Bullish Flag Breakout is confirmed on the Daily timeframe Chart. ✅ pic.twitter.com/8iGFY4RYkT
— Captain Faibik (@CryptoFaibik) May 3, 2024
Another analyst, Shiller, who has identified crucial technical levels for Pepe Coin and highlighted both potential risks and significant growth opportunities, supports this analysis, as reported previously by ETHNews.