- PEPE climbed 74% over the week in an explosive price rally.
- The internet frog meme-inspired coin has emerged as one of the best-performing cryptocurrencies amidst regulatory crackdown.
- Gemini exchange hinted at PEPE coin listing early on Thursday, fueling a bullish sentiment among holders.
PEPE, one of the largest meme coins in the crypto ecosystem, yielded upwards of 80% gains for holders over the past seven days. PEPE price advanced nearly 74% since Monday’s opening price of $0.00000093.
PEPE beats meme coins Dogecoin and Shiba Inu with massive gains
PEPE, a meme coin inspired by “Pepe the Frog” meme, surpassed $633 million in market capitalization in an explosive move. The meme coin’s price increased by 74% since June 19. At the time of writing, PEPE is exchanging hands at $0.00000151.
Shiba Inu and Dogecoin yielded modest gains for holders within the same time frame.
PEPE price chart shows that the token witnessed a large rally starting June 20, when Bitcoin rallied closer to the $30,000 level. Catalysts like institutional adoption and giant financial institutions filing for spot Bitcoin ETFs drove Bitcoin price higher. Following in Bitcoin’s footsteps, meme coins like PEPE yielded double-digit gains for holders.
PEPE/USDT one-day price chart
PEPE hit a local peak of $0.00000168 early on Thursday, wiping out all losses incurred by the meme coin since its decline on May 23.
The meme coin is currently trading above its 10-day Exponential Moving Average (EMA) at $0.00000114. The Fibonacci retracement of PEPE decline from the May peak of $0.00000437 to low of $0.00000088 has established key resistance levels for the meme coin.
PEPE faces resistance at 38.2% Fibonacci level at $0.00000222 and the 50% retracement at $0.00000263. It remains to be seen whether PEPE’s gains are sustainable in the long term.
Besides the Bitcoin price rally to $30,000, PEPE’s probable listing on Gemini exchange has acted as a bullish catalyst. The exchange teased PEPE’s listing on its platform in a tweet earlier today.
Feeling pepish about something coming soon… pic.twitter.com/PEwsTOVT22
— Gemini (@Gemini) June 22, 2023
PEPE’s listing on Gemini would introduce the meme coin to 1.8 million active users of the cryptocurrency exchange.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.