Pepe Price Outlook: Whales Accumulate as Volume Hits $2.7B — Can PEPE Overtake Dogecoin?
Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...
The Pepe price has declined by 6% in the past 24 hours, sliding to $0.000009616 as the crypto market as a whole loses 1.5% today.
PEPE is also down by 15% in a week, yet the meme token is still up by 38% in a month and by 1,275% in a year.
This means PEPE is the best-performing top-50 coin of the past 12 months, with its 24-hour volume suggesting that it continues to attract plenty of demand.
And such demand may help it continue its climb up the market cap leaderboard, with Shiba Inu (SHIB) and Dogecoin (DOGE) now the only other meme tokens above it.
Despite the fall today, it’s encouraging to see that the Pepe price has bounced off the coin’s support level (green), suggesting that a recovery may be very close.
The token’s relative strength index (purple) would certain agree that a rebound should be on its way, given that it had entered an oversold position this morning.
On other hand, we may have to wait until PEPE’s 30-period average (orange) sinks below the 200-period average (blue) and bottoms before we see a sustained recovery.
Either way, PEPE’s market remains in good health overall, especially when it continues to command trading volumes in excess of $2.5 billion.
This is big for a meme token, with SHIB and DOGE seeing volumes today of $700,000 and $880,000, respectively.
This would indicate that PEPE is by far and away the most popular meme token in the market right now, and gives credibility to anyone who might claim that it will overtake the two coins above.
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