Pepe Coin price doubles after Bitcoin rally and Coinbase listing. Bullish breakout shows strong momentum, but rising token supply raises concerns. After hitting an all-time high of $0.00002331, Pepe Coin price has corrected 6.7% and is currently trading at $0.00002115. PEPE price has doubled in the past 7 days on the back of Bitcoin rally and recent listing on Coinbase exchange. How high can PEPE price go after breaking through previous all-time highs?
Pepe Coin Price Surge: What’s Driving It?
PEPE’s price has risen 97% in the past seven days and more than 135% in the past two weeks. Price action remains bullish as market watchers speculate that the frog-themed meme coin will rise further.
The rise is the result of a surge in Bitcoin prices that began on November 5 after Donald Trump won the U.S. presidential election. On November 14, Coinbase and Robinhood confirmed the listing of PEPE, causing the token to surge further, breaking its previous all-time high price.
Pepe Coin’s price is also highly correlated with Ethereum and Bitcoin and follows the rise of these assets.
The combined effect of these factors has caused PEPE prices to soar.
Short-term PEPE price technical analysis: key levels to watch
The PEPE price chart shows an upward breakout of the symmetrical triangle, indicating a shift from a consolidation phase to a bullish trend. The volume during the breakout was significantly higher than in the previous few trading days, indicating that buyers actively entered the market, validating the breakout.
Given the strong breakout from consolidation, the current move can be considered the beginning of an impulse wave (wave 3) in the Elliott Wave Theory. This suggests that continued gains to higher Fibonacci levels are possible.
Key levels to watch for Pepe Coin price action include a breakout around $0.0000176, which represents immediate support, and below that, a lower trendline support around $0.0000100.
On the way up, PEPE might face resistance near $0.00002597, $0.0000300, and $0.0000343.
Can PEPE maintain its momentum?
On-chain indicators suggest that the price of Pepe Coin is bound to move higher. But first, the large bullish engulfing candle that appeared on the breakout shows that buyers are gaining momentum. This usually signals a continuation of the upward momentum.
Additionally, data from IntoTheBlock (ITB) showed that buyer activity surged to its highest level in 1 year, with large investors adding 4.7 trillion PEPE ($101 million) between November 13 and 14.
Additionally, the percentage of whales on PEPE has dropped by 3.48% over the past month, while regular investors and retail investors have increased by 1.91% and 2.31%, respectively. This redistribution will result in a healthy token distribution, which is often a precursor to price increases.
Investor caution: Is a correction coming?
Despite the price surge, a deeper analysis of the PEPE token economics revealed a worrying finding. According to Coingecko, the total and maximum supply of Pepe Coin is 420.69 trillion. The maximum supply is supposed to be the number of tokens that will exist, no more.
However, Santiment analysis shows that the total supply of PEPE has been gradually increasing.
Compared to the expected maximum supply of 420.69 trillion, Santiment shows that the total PEPE supply is 422.96 trillion. This is worrying because it shows that, among other things, PEPE developers are minting tokens and dumping them on the market.
Pepe developers have yet to make an official comment regarding this anomaly.
