PEPE gets overheated with 13% price surge in 24 hours

Pepe Coin (PEPE) Shows Signs of Bullish Momentum Amidst Market Volatility

After a week of consistent declines, the price of Pepe Coin (PEPE) is experiencing a bullish uptrend, marking a significant increase of 13.5% in the past 24 hours. At the time of writing, PEPE is trading at $0.00000694, with its market cap rising to $2.92 billion, securing its position as the 35th-largest digital currency.

Market Performance and Trading Activity

PEPE’s daily trading volume has surged by 24%, reaching $1.14 billion, indicating increased investor interest in the meme coin. Inspired by the iconic Pepe The Frog meme from the 2000s, PEPE has witnessed a remarkable 12,200% rally since its creation in April 2023, reaching an all-time high of $0.0000107 on March 14, with a market cap of $4.2 billion.

Position Among Meme Coins

Currently, PEPE stands as the third-largest meme coin, following Dogecoin (DOGE) and Shiba Inu (SHIB), showcasing its growing prominence in the crypto space.

Market Behavior and Investor Sentiment

Data from Santiment reveals a decline in PEPE exchange inflow, suggesting that investors are accumulating the meme coin rather than selling for short-term profits. The number of daily active addresses for PEPE has consistently increased over the past three days, indicating growing investor participation and potential market stability.

Technical Analysis and Overheating Concerns

However, the Relative Strength Index (RSI) for PEPE has surged from 64 to 72, signaling signs of overheating. An RSI of 72 suggests that PEPE is moderately overvalued, with the potential for high price volatility in the current market conditions. Conversely, an RSI below 50 could indicate further price hikes for PEPE.

Conclusion

Despite market volatility and concerns of overheating, Pepe Coin (PEPE) continues to gain bullish momentum, reflecting investor optimism and growing interest in meme-based cryptocurrencies. As the market evolves, investors should closely monitor key indicators like trading volume, active addresses, and RSI to navigate potential price fluctuations effectively.