The frog-themed meme coin, Pepe (PEPE), has been making waves in the cryptocurrency market, registering gains of more than 394 percent in the past five days. The coin is now trading around $0.00000108 during the early trading session in London, attracting the attention of crypto enthusiasts and FOMO traders alike.
The Competitive Advantage of $PEPE Coin
Pepe was launched to compete with dog-themed meme coins and has dethroned several of them, including FLOKI and Baby DogeCoin (BABYDOGE). Despite being a newcomer to the market, Pepe already has a total market cap of approximately $452,054,247.55 as of Monday, while BABYDOGE has a valuation of approximately $406,857,844.
As a hyped meme coin, the PEPE coin has received massive support from centralized and decentralized exchanges through its listing. The rally was mainly fueled by FOMO traders, who attracted a lot of attention from Ethereum whales.
On-chain analytics platform Spot On Chain has identified a whale that made more than $1.8 million in less than two weeks, and more whales have been identified that are strongly waiting for a sell signal.
PEPE price gains bullish momentum
The price of PEPE has increased by approximately 84 percent in the past 24 hours, reaching an all-time high (ATH). From an Elliott wave perspective, the bullish thesis has even more upside to offer in the coming days. The bullish momentum appears to be gaining momentum as the third wave gains ground.
Typically, meme coins tend to increase 10x due to massive psychological activity. As a result, Pepe traders should look for a 10X for profit taking.
Pepe has proven to be a strong competitor in the memecoin market, and its impressive statistics and competitive advantage have earned it a place in the hearts of many traders. As the bullish momentum continues, it remains to be seen how high Pepe will climb. In the meantime, traders should keep a close eye on the coin’s progress.