Will PEPE's bull run continue?
According to token economics, the total supply of PEPE is nearly 420.7 billion (420, 690, 000, 000, 000), a number that pays homage to the popular Meme numbers 4: 20 and 69 (these numbers have specific meanings in a specific culture). The official website claims that there is no pre-sale of PEPE tokens, zero taxes, LPs have been destroyed and the contract has been abandoned.
After a strong push at the beginning of this week, its indicators show that a correction is underway. Its relative strength index (purple) has fallen from 70 earlier today to nearly 40 currently, and may continue to fall in the next day or two.
After rising sharply and exceeding the 200-day moving average (blue) in a few days, the 30-day moving average (orange) has begun to fall and may fall below the 200-day moving average. It is certain that after setting multiple new highs in the past few days, PEPE may experience a correction that lasts about a week.
Still, its trading volume is near all-time highs at around $2.4 billion, with some big players still accumulating the token over the past 24 hours.
For the meme token and the market as a whole, ETFs could be launched next month, when they will bring new demand and volume to Ethereum and the market as a whole. This will help boost bullish sentiment across the board, including for PEPE, as it is not only an Ethereum-based token, but has been a top choice for big players for over a year.
As a result, we could see Pepe prices rise to $0.0000170 in the coming weeks and $0.000020 in Q4.
