PEPE's rise continues unabated, with the frog meme token continuing to set new records this past weekend and maintaining its upward trajectory this Monday morning, peaking at $0.00001670.
Currently at $0.00001650, PEPE shows a gain of 8% over 24 hours and 80% over a week, making it by far the best performing cryptocurrency in the top 20. In addition, its increase since the beginning of the month of May is now +175%.
The crypto thus rose to 19th place among the most important tokens by capitalization, after entering the top 20 last week.
Appetite for meme-coins and Ethereum ETFs are driving PEPE’s rise.
It is important to note that PEPE experienced a strong acceleration last Monday after a few days of stagnation, benefiting more than any other token from rumors (which were later confirmed) that the SEC planned to quickly approve spot ETH ETFs .
Since PEPE is based on Ethereum, the frenzy around memecoins made it an obvious buy for many traders. Although the SEC approval, announced Wednesday evening, briefly weighed on the price (as investors sold the news), the crypto then quickly resumed its rise.
Given that the SEC has approved Ethereum ETFs, but there are a few bureaucratic steps remaining before trading begins, this matter will need to be monitored throughout the week.
Macroeconomic factors will also play a crucial role, particularly with data from the PCE index, the Fed's most important inflation measure, expected at the end of the week. This could influence interest rate expectations for the coming months.
Indeed, better-than-expected data could fuel fears that the Fed will not cut rates this year, which would constitute a significant bearish factor for PEPE and speculative assets in general.
The PEPE trend remains bullish, but the risks of correction are increasing.
From a technical analysis point of view, PEPE's trend remains strongly bullish, but the scale of recent gains calls for caution due to the risk of profit taking, especially since the trend has been rather neutral in recent times. days for most other cryptos.
Additionally, the RSI indicator has been in the overbought zone for over a week and is starting to diverge from the price trend, indicating that buyers are losing power. In this context, an initial support lies at $0.0000150, followed by last week's low at around $0.00001250, then the May 15 high at $0.00001160. On the upside, the $0.000020 round threshold is the next important target for PEPE.
In summary, traders who now open a long position on PEPE could make a serious timing error, as the risks of correction are very high for several reasons. In this context, and taking into account that the bias is uncertain for most other major cryptos, exploring new opportunities little known to the general public is undoubtedly a wise idea.
WienerAI ticks several boxes allowing us to hope for a future as bright as that of PEPE
In this regard, we recently spotted a token in pre-sale which ticks several boxes giving hope for a success story comparable to that of PEPE. This is WienerAI, another token based on the Ethereum blockchain.
$WAI is also a meme-corner, adopting a dachshund as its mascot and displaying a decidedly humorous and offbeat tone in its communication. However, unlike PEPE, WienerAI has a very real use, since it is also an AI-powered trading assistant!
Knowing that the presale has been a huge success, with already more than $3 million raised, and knowing that the presale price of $0.000711 will be increased in 2 days, we recommend that you inquire quickly! #PEPEATH
#pepe⚡ #pepecoin🐸 #PEPEWillBullRun
