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PEPE, the frog-themed meme coin, is witnessing massive activity in the cryptocurrency market that could signal bullish sentiment. Over 1.14 billion PEPE have been traded in the past 24 hours in a move that signals renewed interest in the asset.
PEPE Price Performance
According to data from CoinMarketCap, PEPE’s market volume has increased significantly by 19.74% to $2.13 billion. This surge in trading volume occurred as investors and traders move to take positions in anticipation of a potential rally in the market.
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Notably, the increased interest has led to a surge in the price of PEPE. At the time of writing, PEPE is trading at $0.00001868. This represents a 2.15% increase as the meme coin struggles to maintain price stability.
In the previous trading, PEPE price spiked to $0.00001941 before experiencing mild fluctuations due to market dynamics. However, the token has found $0.0000185 to be a crucial support level as it has traded above that mark so far despite the fluctuations.
Market observers consider this a significant progress for PEPE, given that over the past seven days, the coin fell to a low of $0.00001455. In a show of resilience, PEPE has begun a pullback journey that shows promise if it can maintain the momentum.
Can Pepe experience a price rally?
Analysts maintain that for PEPE to rediscover price levels close to the $0.00002760 mark it reached in the second week of December, the community needs to be robust. Notably, positive sentiment from the meme coin community could boost the asset’s rebound.
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For instance, Elon Musk, the billionaire innovator known for his love of memes, created a stir over Pepe recently. In a post on X, he shared a meme about how certain users on the social media platform treat information and news featuring PEPE.
Additionally, whale activity in the community could help determine the price direction as PEPE begins to climb back to previous levels.