PEPE is at All-Time High: Are Meme Coins Back?

The entire crypto market has experienced a resurgence, rekindling hopes for an altcoin rally. Meme tokens have emerged as the initial and most significant movers in this upswing.

Riding on sheer memetic momentum, Pepe (PEPE) has witnessed a remarkable recovery in the past day, surging by nearly 20%. PEPE has attained record valuations, but its trajectory may encounter resistance at this juncture. Nonetheless, the community anticipates the commencement of another price discovery phase with boundless potential.

PEPE has experienced an additional 22.95% gain in a single day and a 25% increase week-over-week. The meme token is currently trading at $0.00001036, an all-time high following a 50% recovery from previous losses. Such price fluctuations are not uncommon within the extremely low price range. However, PEPE transcends mere token pumping; it serves as an indicator of renewed energy within the crypto market.

PEPE is fully circulating, with 100% of its supply in active distribution. It ranks among the most actively traded tokens, with close to half of its supply changing hands within a 24-hour period. The token enjoys strong support from its dedicated community, which prioritizes holding, facilitating its recovery from price lows.

Decentralized trading options for PEPE are limited, with less than 1% of its volume occurring on Uniswap. Despite this, PEPE has established a presence on smaller DeFi protocols, bridges, and lending platforms. PEPE holders may opt to refrain from immediate profit-taking, perceiving the token as an instrumental asset for future growth and brand enhancement.

Can PEPE Eliminate Another Zero?

The recent PEPE rally has exhibited no signs of abating. The question arises whether PEPE is poised to shed another zero if the altcoin and meme coin boom persists.

A key factor driving PEPE's momentum is its community's aspirations, which extend beyond short-term price pumps. The objective is to establish a memetic supercycle, elevating PEPE to even greater prominence. In the ongoing "frogs vs dogs" rivalry, PEPE aims to secure a top 10 ranking, surpassing ShibaInu (SHIB) and even Dogecoin (DOGE).

Holders are crucial to "eating a zero," and PEPE's accessibility facilitates its inclusion in numerous portfolios daily.

What Underpins PEPE's Support?

PEPE appears to thrive on the "we are so back" sentiment. However, several factors contribute to its support. Notably, over 44% of all PEPE trades are concentrated in a single trading pair on Binance, enabling rapid liquidity inflows and significant price movements.

PEPE is listed on nearly all major exchanges, with the exception of Coinbase spot trading. The asset anticipates the introduction of a new trading pair, which could enhance its volume and visibility. Since April 23, Coinbase has offered PEPE perpetual futures, further contributing to its activity.

PEPE boasts 219,625 holder wallets, with exchanges holding the largest stashes. Currently, PEPE trades predominantly on centralized markets and has yet to fully expand into decentralized exchanges like Uniswap. This distinguishes PEPE from newer meme tokens, which rely heavily on decentralized trading pairs.

PEPE's inclusion on Revolut and Crypto.com has significantly increased its exposure, propelling it to become the third-largest meme asset after DOGE and SHIB. Following the recent rally, the token has achieved the most impressive 12-month returns among the top three meme assets.

All-Time High Emerges as Roaring Kitty Reemerges

The meme token boom has coincided with a Level 8 social media frenzy sparked by the return of Roaring Kitty, the legendary stock picker responsible for the GameStop short squeeze. While Roaring Kitty has no direct affiliation with any cryptocurrency or token, his infectious enthusiasm has bolstered overall market sentiment.

It is important to acknowledge that PEPE remains a politically charged token, despite its apparent reliance on pure market speculation. Allegedly, the anonymous @degenharambe is the creative force behind Pepe, which originated from the depths of 4Chan memes. The profile has been flagged for potentially sensitive content, which extends to discussions surrounding the meme coin.

The token's price movements may therefore be intricately linked to obscure memes while carrying a strong anti-corporate ethos.