PEPE, a meme coin launched on Ethereum in April 2023, has quickly gained significant influence even though the identities of its creators remain anonymous. PEPE began trading on April 15, 2023, at a price close to $0.000000001. In just two weeks after launch, PEPE entered the top 100 cryptocurrencies by market capitalization.
Source: Intotheblock
Since its launch, PEPE's market capitalization has surpassed the $1 billion mark in just 20 days, reflecting a 7,000% price increase. This incredible growth has made a prominent mark in the cryptocurrency industry.
Recently, it secured its top spot as the most profitable meme coin. It remains unclear whether the current bull run will end in a major crash. However, indicators point to some upcoming events for PEPE in June.
PEPE price history
PEPE coin uses a deflationary mechanism, burning a small portion of tokens in each transaction to create scarcity and can increase the value of remaining tokens over time.
Source: Intotheblock
It uses a redistribution system, where a portion of each transaction is shared among current token holders, promoting user engagement and long-term investment.
PEPE prices have experienced significant fluctuations in just 24 hours, including increases of more than 40% and sharp declines. The most notable drop occurred in January 2024, when the coin lost nearly half its value.
Source: Intotheblock
However, PEPE began a notable bull run in March, followed by a correction in March and April, then a sharp increase in May, despite the overall trend of the crypto market .
The rally began in late April, gaining momentum after PEPE crossed the daily 50 MA at $0.000073. On May 27, the price reached an all-time high of $0.00001725, marking an impressive 88% increase since the SEC approved the ETH ETF for spot delivery on May 20.
This frog-themed coin has brought good returns to holders over the past month. Currently, 91.59% of PEPE addresses, representing 227,990 holders, are profitable. Additionally, 5.32% of addresses, or 13,250 holders, are breaking even at the current price of around $0.0000144.
At the end of May 2024, the chart shows a correction on a monthly scale. Whether the price rally will continue in June remains the biggest question.
PEPE price prediction
Currently, PEPE stands at 23rd place in terms of market capitalization on CoinGecko with a current market capitalization of $6.16 billion.
Source: Intotheblock
Over the past month, PEPE is up 107%, outperforming the broader market and the average gain of meme coins. This performance pushed PEPE above the 50, 100, and 200-day EMAs, underscoring its strong uptrend.
If we look at the ratio of market price to actual price of PEPE, we can guess the potential “real” value of PEPE.
Source: Intotheblock
Despite their impressive gains, meme coins like PEPE are known for their high volatility. Many analysts predict a possible price correction. Ali Martinez, for example, has noted bearish signals, pointing out that PEPE's daily RSI has crossed above 70, an overbought level that often leads to price corrections or consolidations.
Source: Ali Martinez/X
When the RSI value crosses the 70 level, this increases the risk of a sell-off. However, it should be noted that the market can remain overbought for long periods of time, with prices continuing to rise.
According to the RSI heat map, PEPE is currently at “overbought” levels, with a potential “sell” signal. Data from IntoTheBlock also points to bearish sentiment heading into June.
Source: Intotheblock
Another important indicator is historical correlation with BTC price. As shown in the chart below, PEPE has seen a mostly negative correlation with both Bitcoin and Ethereum within a year of its launch.
Source: Intotheblock
Ethereum and Bitcoin's upside remains high in June, which raises the question of whether PEPE's trajectory will change in the coming weeks.
In any case, PEPE is considered one of the most volatile coins on the market. Like a typical high-yield asset, its price is speculative with no fundamentals to track. With this in mind, early June will be a pivotal moment for PEPE's future.
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