PEPE, a meme coin themed around the infamous frog, has soared to unprecedented heights. 

Meanwhile, its recent surge has caught the attention of investors and enthusiasts alike, as it defies expectations and outperforms several major digital assets. 

Meme coins, once regarded as a novelty within the crypto space, have steadily gained traction and credibility in recent times. Alongside the surging popularity of Bitcoin, Ethereum, and other established cryptocurrencies, meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and now PEPE have demonstrated remarkable resilience and growth. This trend coincides with the approval of Spot Bitcoin Exchange Traded Funds (ETFs) earlier in 2024, signaling a broader acceptance of digital assets in mainstream finance.

PEPE’s Meteoric Rise and On-Chain Metrics

The meteoric rise of PEPE is not merely a product of speculation but is backed by robust on-chain metrics. Data from Santiment, a crypto intelligence tracker, reveals a significant uptick in PEPE’s active addresses and social dominance between May 20 and 27. During this period, active addresses nearly doubled, indicating heightened user engagement, while social dominance reflected a growing presence in crypto discussions on social media platforms.

Moreover, the supply of PEPE on exchanges has remained relatively stable. This suggests that selling pressure on PEPE is subdued, potentially paving the way for further price appreciation. With bullish on-chain metrics and growing investor interest, PEPE appears poised to extend its gains in the near term.

Technical Analysis and Price Outlook

From a technical standpoint, PEPE has been on an upward trajectory since April 14, forming higher highs and higher lows along the way. However, a recent analysis by Crypto Patel highlights a concerning development for the meme coin. 

According to Patel, PEPE breached a crucial support level, triggering a notable price decline. The breakdown was accompanied by increased trading activity, indicating strong selling pressure in the market.

Source: Crypto Patel

Despite the setback, PEPE’s current price remains relatively resilient at $0.000016 , representing a modest decline of 4.23% over the last 24 hours, according to CoinMarketCap data. However, on a weekly basis, PEPE has surged by an impressive 25.31%, underscoring its volatile nature. With a circulating supply of 420 trillion PEPE, the coin’s market capitalization stands at $6.7 billion, solidifying its position as a prominent player in the crypto market.

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