The PEPE craze is on the rise again. Will $0.0000191 be its take-off price?
Let’s take a look at the latest information first:
The address "Smart Money that has earned $4.92 million through PEPE swings in the past six months" added another $2.79 million of PEPE in the early morning, and the current swing position has increased to 817.9 billion PEPE. In the past week, he has withdrawn a total of $14.25 million worth of PEPE from Kraken, with an average price of $0.00001742. It is currently the top-ranked asset held by the address, with a floating profit of $695,000.
A whale sold its $PEPE when the market fell on December 19, making a profit of $11.7 million. In the following 6 days, the whale bought another 1.42 trillion $PEPE after the market correction, with a total value of approximately $24.5 million.
Current Market Value Analysis:
In the past seven days, memecoins have shone brightly, with a value increase of over 8%. As of the time of writing, the trading price of memecoins is $0.00001855, with a market cap exceeding $7.88 billion, ranking 24th in cryptocurrency. At the same time, PEPE's trading volume is also on the rise.
As the price of the token begins to rise, buying pressure has also increased. According to Hyblock Capital data, on December 29, PEPE's buying volume reached 78. Simply put, values close to 100 indicate tremendous buying pressure, which often propels prices upward.
Subsequently, AMBCrypto conducted an in-depth study of other data sets to assess the likelihood of memecoins maintaining their upward momentum in the coming days.
Analysis of Santiment data reveals that the network expansion of memecoins has rebounded after a decline. This indicates an increase in the number of new addresses being created to transfer tokens.
The MVRV ratio of memecoins has seen a slight increase, indicating that their market value has grown relative to realized value.
Investor buying of memecoins has been further corroborated by the rise in the Relative Strength Index (RSI). However, the outlook for memecoins is not entirely bright.
Take PEPE's MA Cross indicator as an example; since the 21-day moving average is above the 9-day moving average, this indicates that the current market is in a predominantly bearish trend.
Analysis indicates that if the price of memecoins continues to rise, it may soon challenge the $0.0000191 mark.
However, if the trend suddenly reverses, PEPE could become 'cannon fodder' for price adjustments, and the memecoin price could plummet to $0.0000181.
Can PEPE be held long-term?
PEPE is essentially a deflationary coin that pays homage to the online meme Pepe The Frog, following the same path as Shiba Inu and Dogecoin, but it aims to be the leader among meme coins. It features zero transaction fees, is friendly to long-term holders, and has a token rarity destruction mechanism, all in place.
However, PEPE's price plummeted by 20% in August of this year, but looking at it now, PEPE is still popular. Whether among holders or whales, they remain steadfast, indicating that PEPE still has significant potential.
PEPE has 720,000 followers on X, and its official website traffic is also increasing. In the MEME coin sector, PEPE seems to have established a firm foothold. The team's marketing has been effective, reaching out to KOLs early on, and the exchange listings have gone smoothly. Furthermore, stories of early investors making substantial profits from PEPE are spreading wildly on social media, as everyone fears missing out on the next hundredfold coin, which has contributed to PEPE's rise.
However, PEPE lacks substantial technical support, the team has a questionable history, and legal scrutiny presents significant risks. Nonetheless, PEPE has strong propagation attributes, and its community and cultural narrative are well-crafted, securing its place among MEME coins. The continued trading by whales also suggests that PEPE has a foundation for long-term growth.