Despite the turbulence in the crypto market, particularly with major players like Bitcoin and Ethereum, an unexpected contender, PEPE, has been making headlines. This meme-inspired cryptocurrency is on a surprising rebound, nearing a two-month high after a challenging downturn post its significant surge in May. The recent resurgence has seen this frog-themed coin bounce back over 100% from its June lows. This recovery has ignited a flurry of interest among investors and crypto enthusiasts, with prevailing sentiment suggesting potential for further growth on the horizon.
Pepe’s Market Cap Heads Toward $1 Billion
Large-scale investors of PEPE, who have previously made millions from the meme coin, began to amass the token once more early Monday. A crypto intelligence tracker identified two whale wallets that invested more than $1.19 million in purchasing PEPE tokens. The on-chain metrics of the meme coin suggest a promising outlook for a short-term price surge in PEPE.
The Open Interest (OI) graph from Coinglass indicated that the surge in PEPE prices coincided with an increase in Open Interest. This demonstrated that over the past several days, Futures market speculators were confident in a bullish trend and were prepared to bid on the asset.
Along with the On-Balance Volume (OBV), this served as another compelling indication that capital was flowing into the market. The indicators and price movements suggested that further gains were probable.
Nonetheless, the digital asset is still significantly distant from its peak $1 billion market cap achieved in May. To reach this milestone again, a substantial development would be required for the meme coin, such as being listed on a US-based cryptocurrency exchange like Coinbase. An announcement of this magnitude could potentially trigger another remarkable rally for PEPE. A 100% surge from its current position would comfortably exceed the $1 billion market cap.
What’s Next For PEPE Price?
In the last 7 days, PEPE coin has made a gain of over 8%; however, bears put up a strong fight today, causing the meme coin to plunge by over 4%. As of this writing, PEPE is trading at $0.000001739.
Analyzing the 4-hour price chart, PEPE is currently witnessing a downward correction after facing a rejection near $0.0000019. Bears aim to push the price below EMA20 to trigger a severe downturn and erase its recent gains.
If bears successfully push the price below the immediate support line at $0.00000162, PEPE may decline significantly and reach its crucial bottom level at $0.0000013. As the RSI attempts to drop below the midline, it strengthens the confidence of short-term sellers.
However, on the other hand, a breakout above $0.000002 will intensify buying pressure, and the price of PEPE might initiate another bullish rally with the potential to reach a $1 billion market cap.
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