The entire crypto market bounced back, renewing hopes of an altcoin rally. The first and biggest movers this time were meme tokens. Riding on pure memetic energy, Pepe (PEPE) is among the big recoveries in the past day, with a nearly 20% bounce. PEPE reached record valuations, but it will probably stop there. Instead, the community sees the opportunity to enter another price discovery period with no endpoint.
PEPE added another 22.95% in a single day and 25% week-on-week. The meme token traded at $0.00001036, an all-time high after recovering a 50% loss. Price moves like this are not impossible at the extremely low price range. But PEPE is more than a pumping token; it is an indicator of energy returning to the crypto market.
PEPE is fully launched, with 100% of the supply in circulation. It is also one of the most traded tokens, turning over nearly half its supply in a 24-hour period. The token also finds support from its community, which is dedicated to holding, hence the ability to bounce from lows.
Decentralized trading is limited for PEPE, with only less than 1% of all volume happening on Uniswap. Despite this, some PEPE has found its way into smaller DeFi protocols, bridges and lending platforms. PEPE holders may not wish to immediately sell for profit, but instead hold the token as instrumental for future growth, with an even more influential brand.
Can PEPE Eat Another Zero?
The recent PEPE rally showed no signs of stopping in the past day. The question remains whether PEPE is ready to eat another zero if the altcoin and meme coin boom continues.
One of the big boosters for PEPE is that its community expects much more than a short-term pump. The goal is a memetic supercycle, where PEPE becomes even more prominent. In the “frogs vs dogs” war, PEPE aims to become a top 10 token, displacing ShibaInu (SHIB) and even Dogecoin (DOGE).
+245 new $PEPE holders today.$PEPE hit new ATH today, congratulation 🥳$PEPE can no longer be stopped, we will get to top 10 and probably top 3 by market cap.$PEPE will hit $420B and lead the meme supercycle.💚🐸 https://t.co/D21A00hvpn pic.twitter.com/uI7AHOete2
— Plazma (@Plazma0x) May 13, 2024
Holders are the key to “eating a zero”, and since PEPE is accessible, it’s easy to add it to hundreds of portfolios daily.
Where Does PEPE Get Its Support?
PEPE seems to be running on “we are so back” energy. However, the token is supported by several factors. For one, more than 44% of all PEPE trades are concentrated in a single trading pair on Binance, which allows for a quick inflow of liquidity and significant price moves.
Almost all big exchanges carry PEPE, except Coinbase spot listing. The asset is now waiting for a new pairing, which may boost volumes and exposure. However, since April 23, Coinbase has carried PEPE perpetual futures, adding to the token’s activity.
PEPE has 219,625 holder wallets, of which the top stashes belong to exchanges. For now, PEPE is trading mostly on centralized markets, and is yet to expand into decentralized exchanges like Uniswap. This differentiates PEPE from newer meme tokens, which have no choice but to rely on decentralized pairs.
PEPE has been added to Revolut and Crypto.com, boosting exposure even more. This led PEPE to become the third-biggest meme asset after DOGE and SHIB. After the latest rally, the token achieved the biggest 12-month returns of the top 3 meme assets.
All-Time High Arrives After Roaring Kitty Reawakens
The meme token boom coincided with a Level 8 social media flareup – the return of Roaring Kitty, the legendary stock picker behind the GameStop short squeeze. While Roaring Kitty is not affiliated to any crypto coin or token, the pure enthusiasm boosted the overall market mood.
Let’s not forget that PEPE remains a politically-charged token, even if it seems to ride on pure market speculation. Allegedly, the anonymous @degenharambe is the creative force behind Pepe, which emerged from the swamp of 4Chan memes. The profile may be flagged for sensitive content, which spills over into the meme coin discussion.
https://twitter.com/degenharambe/status/1653605896310734849
The token’s price action may thus be completely tied to obscure memes, while carrying a strong anti-corporate ethos.
