Pepe (PEPE) has experienced a sharp correction over the past few days. However, the memecoin appears to be rebounding, up nearly 10% on the daily chart. Moreover, the cryptocurrency is up 51% over the past month and 1,391% since June 2023. However, it is worth noting that the frog-themed cryptocurrency is down 11.2% on the weekly chart and nearly 16% on the 14-day chart.

On May 27, 2024, the frog-themed cryptocurrency hit a high of $0.00001717. However, the price did not stay high for long. Since reaching its peak in May 2024, the asset has fallen by nearly 23%. The latest rebound could be because investors are anticipating a positive outcome from the FOMC (Federal Open Market Committee) meeting.

Will Pepe hit an all-time high soon?

Memecoin has been doing particularly well in 2024. Bonk (BONK), dogwifhat (WIF), Floki (FLOKI), and others have all performed well this year, outperforming major crypto projects like Bitcoin (BTC) and Ethereum (ETH) in various cases.

PEPE is no exception. The asset quickly climbed to the top of the charts and is currently the 23rd largest project by market cap.

Cryptocurrency analysis firm CoinCodex believes that the frog-themed cryptocurrency could enter a rally phase in the coming weeks. Data from the platform shows that memecoin could hit a new all-time high of $0.00001822 on June 18, 2024. Reaching $0.00001822 would be an increase of about 38% from current price levels. In addition, CoinCodex data shows that the price of PEPE could climb to $0.00004472 on July 10, 2024, an increase of nearly 240% from current levels.

Still, there is a chance that PEPE could face another correction in the coming days. The frog-themed memecoin doesn’t have much utility and is susceptible to market volatility. Moreover, if the FOMC meeting doesn’t go as traders hope, the asset’s price could drop significantly.