Pepe (PEPE) Reaches All-Time-High: Will The Rally Continue?

1. The memecoin continued to ride the bullish wave and registered a breakout this week.
2. PEPE coin has offered huge gain to its investors, as it hits fresh ATH mark.

The Frog-themed memecoin Pepe (PEPE) approached the ATH mark and delivered consistent upmove amidst the market volatility.

A rounding bottom formation breakout was registered in the last trading sessions. PEPE coin traded in an uptrend and revealed consistent higher high swings, soared over 104% this month.

Fueled by the strong trading activity and significant network growth of PEPE, investors have held the memecoin and showed their willingness to buy Pepe coin.

Despite the market volatility, the memecoin market significantly outperformed the crypto market, and PEPE coin has been one of the top performing among its peers.

At press time, PEPE price was $0.00001358 with an intraday rise of 22.10%, reflecting strong bullish momentum on the charts. It has a monthly return ratio of 130.29% and 890.27% yearly, revealing a strong short-term uptrend.

PEPE Coin Skyrockets after Ether ETF News

The possibility of Spot Ether ETF approval news fueled strong buying momentum in the memecoin market, most in the PEPE coin, which surged over 25% intraday. Other than positive news, the technicals of the PEPE coin revealed a bullish trend and hinted that the bull rally might continue ahead.

Going forward, the MVRV ratio stood at 38%, signifying that most of its investors have gained huge profit and selloff is due, which may hit anytime will lead to a correction soon.

Source: TradingView

The daily charts replicate the breakout and the memecoin has overtaken the 78.6% Fibonacci level.

Additionally, a sharp spike in the trading volume over 84% to $3.38 Billion and the market cap soared over 3.20% to $5.75 Billion. Meanwhile, the total supply of the PEPE coin is 430.69 trillion.

What Does Price Volatility and Sentiment Indicate?

Following the sharp price rise, the price volatility soars over 54% to 0.084 mark, revealing the investor speculation.

Source: Santiment

Meanwhile, the sudden drop in the weighted sentiment signifies the profit booking at the highs may be seen shortly, as investors are looking to secure their gains.

Futures OI Data Outlook

The derivative data reveals the massive long additions and the open interest spiked over 34.77% to $164.88 Million in the last 24 hrs.

Source: coinglass

Recent tweet on X, the memecoin displayed an intense surge in transaction activity over the last weeks. Over the past few weeks, a significant increase in transaction activity was noted. The value soared over 22% to 2672 mark this week.

Per the @Spotonchain tweet, BlockTower Capital moved over 202.2B PEPE worth $2.79 Million to exchange, as the memecoin hit ATH mark and profit booking may hit anytime.

2 hours ago, BlockTower Capital moved 202.2B $PEPE ($2.79M) to Cumberland for profits as the price soared by 25% to a new ATH! If truly buying and selling now, the VC would make $569K (+25.6%) after only 7 days! Follow @spotonchain and set alerts for the BlockTower Capital… pic.twitter.com/hKOgU90q7g

— Spot On Chain (@spotonchain) May 22, 2024

Per the @lookonchain tweet, a transaction from an unknown wallet to exchange over $2.53 Million. Also, he was lucky to gain more than 7300x within a few minutes of trade execution.

An early buyer of $PEPE deposited all 182.9B $PEPE($2.53M) into #Binance 6 hours ago. This guy spent 0.22 $ETH($462) to buy 324.9B $PEPE on Apr 15, 2023, and sold it all for $3.4M. He was lucky enough to turn $462 into $3.4M, a gain of 7,368x! Address: https://t.co/o4UcGKVHEh pic.twitter.com/zq03iGzcAe

— Lookonchain (@lookonchain) May 22, 2024

Source: X

Conclusion

The Pepe (PEPE) price trades in the bullish trajectory and might face profit booking ahead. However, the trend is bullish and sellers need adequate strength to attain dominance.

The possibility of a spot Ether ETF has fueled enthusiasm and price rallies, particularly in meme coins, including PEPE, as investors eagerly anticipate the potential impact on the market.