$PEPE Token Sees 20% Price Surge in 24 Hours
PEPE, a meme coin inspired by the popular Pepe the Frog meme, has gained significant attention with a 20.5% price increase in the last 24 hours. Currently trading at $0.00000740, the asset's market capitalization has risen to $2.92 billion, making it the 35th largest digital currency. The daily trading volume has also seen a 24% increase, reaching $1.14 billion.
Since its inception in April 2023, PEPE has recorded a remarkable 12,200% growth, reaching an all-time high of $0.0000107 on March 14. It is now the third-largest meme coin after Dogecoin (DOGE) and Shiba Inu (SHIB).
According to Centiment data, the PEPE currency inflow has decreased from 5.57 trillion tokens to 5.47 trillion tokens in the last 24 hours, while the stock market output has seen a small increase, hovering at 6 trillion PEPE. This suggests that investors are holding onto the meme token instead of selling for short-term profit.
The number of daily active addresses has consistently increased over the past three days, from 2,670 on April 29 to 3,249 unique wallets. This, combined with the price rise, indicates lower price volatility due to reduced chances of whale manipulation.
However, the Relative Strength Index (RSI) has risen from 64 to 72%, indicating that PEPE is moderately overvalued, and high price volatility is expected. An RSI below 50 could potentially suggest further price increases for PEPE.
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