PEPE Frenzy: 100% Gains In 30 Days, But Can The Memecoin Keep Its Composure?

PEPE On A Tear: New Highs And Whale Activity.

Over the past month, PEPE has been on a tear, exceeding expectations and leaving a trail of green for investors. The price triumphantly reached a new all-time high, surging over 100% in just 30 days. This astronomical rise translated to happy hodlers, with Into TheBlock data revealing that a whopping 97% were sitting pretty in profit.

CoinGecko data show that Pepe has risen 56% in the previous week and 99% in the last month, recovering its position as the third-largest meme coin by market capitalization from Dogwifhat (WIF).

The bullish momentum hasn't shown any signs of slowing down. The past 24 hours saw another surge of 3.7%, further propelling PEPE to its current peak. This impressive performance has garnered significant attention, not just financially, but also on social media. The coin's social volume has spiked, indicating a surge in interest and online chatter.

Lookonchain, a blockchain analytics platform, recently reported a whale withdrawing a staggering 500 billion PEPE from Binance, a major cryptocurrency exchange. This mass accumulation suggests a whale-sized vote of confidence in PEPE's future.

Buying Frenzy Or Overheated Engine?

While the recent price increase and social media buzz are undoubtedly positive signs, some analysts are urging caution. A closer look at technical indicators reveals potential signs of an overheated market. The Chaikin Money. Flow (CMF), which measures buying and selling pressure, has registered a decline.

Similarly, the Money Flow Index (MFI) and Relative Strength Index (RSI) are both hovering in the overbought zone, suggesting PEPE's price might be due for a correction.

Further complicating the picture is the presence of selling pressure. While some investors are piling in, others might be cashing out on their profits. Santiment, a crypto analytics platform, observed a rise in PEPE's exchange outflow last week, indicating buying pressure.