The frog-themed meme coin, PEPE, has seen high gains as the market sees a recovery. The token rode bullishly on the positive wave of crypto community sentiment over the past week, adding 78% gains in seven days.
PEPE’s rally coincides with days of incredible performance around the world crypto market. Bitcoin gained 15.03% last week, while the second-largest cryptocurrency by market capitalization, Ethereum, gained 9.56% over the past seven days.
Pepe Coin has topped the charts for the past few days and still maintains a 12.43% price increase in 30 days top earning coins despite a slight setback.
Possible Factors Behind Pepe Coin’s Price Movements
At the time of writing, Pepe Coin’s trading volume is down slightly by 8.07%, suggesting that the ongoing rally is not due to inflows. PEPE was trading with little liquidity due to prevailing selling pressure from the previous downtrend. So the most plausible reason for the rally would be the Pepe developers who previously sold their pre-mines at high levels.
Related Reading: Bitcoin Holders Expect Retrace, Will BTC Go Against The Crowd Again?
The payout plus the recent market recovery could have catalyzed PEPE’s price hike. The bullish sentiment must have generated enough buzz to raise the PEPE price since it is a community driven token.
Pepe hits market with unparalleled performance amid heightened volatility
The frog themed inspired meme token hit the market with a disruptive wave, added a growth rate in the thousands, earning it a top spot in the hearts of meme enthusiasts. However, the enthusiasm died down as the meme coin succumbed to a long dark tunnel of a bearish trend.
But that didn’t last long as PEPE quickly picked up pace with substantial growth that saw the price jump to $0.00000164 on June 23. PEPE clost the June 22 trading session at $0.00000138, with the price up 29.5% after a 13% rally on June 21.
The meme token also scored an almost 20% price increase over the weekend and 3.9% on Monday, June 26, when most of the coins traded sideways. These consecutive gains propelled the token to a price of $0.00000165, up 3.52% at the time of writing.
In addition to the price increase, PEPE’s market capitalization to volume ratio is up 36.58% in a 24-hour period, according to data from CoinMarketCap. PEPE has bounced above its primary support level at $0.0000013675 and is fighting to defend the $0.00000163 resistance level. A break above the current price position could lead to more rallies for the meme token.
Regardless of the meme coin’s incredible performance over the past few days, the bulls must continue to maintain momentum. Otherwise, PEPE could fall back to an all-time low.
Featured image from Pixabay and chart from TradingView.com
