Frog-themed meme coin, Pepe (PEPE), has been making waves in the cryptocurrency market, registering gains of more than 394 percent in the past five days. The coin is now trading around $0.00000108 during the early London trading session, catching the attention of both crypto enthusiasts and FOMO traders alike.
$PEPE Coin’s Competitive Edge
Pepe was launched to compete with dog-themed meme coins and has dethroned some of them, including FLOKI and Baby DogeCoin (BABYDOGE). Despite being a new entrant in the market, Pepe already has a total market capitalization of approximately $452,054,247.55 as of Monday, while BABYDOGE has a valuation of about $406,857,844.
Also Read: Is PepeCoin Worth Investing? What Next For $PEPE Price ? – Coinpedia Fintech News
As a hyped meme coin, the PEPE coin has received tremendous support from centralized and decentralized exchanges through its listing. The rally has mostly been fueled by FOMO traders, attracting significant attention from Ethereum whales.
On-chain analytics platform Spot On Chain identified a whale that made more than $1.8 million in less than two weeks, and more whales have been identified hodling strong, waiting for a sell signal.
PEPE Price Gains Bullish Momentum
PEPE’s price is up approximately 84 percent in the past 24 hours, hitting an all-time high (ATH). From an Elliott wave standpoint, the bullish thesis has more upsides to cover in the coming days. Bullish momentum seems to be gaining traction as the third wave takes ground.
Most often, meme coins tend to rally 10X due to mass psychological activity. As a result, Pepe traders should watch for a 10X for profit-taking.
Pepe has proven to be a strong contender in the memecoin market, and its impressive stats and competitive edge have earned it a place in the hearts of many traders. As the bullish momentum continues, it remains to be seen how high Pepe will climb. In the meantime, traders should keep a watchful eye on the coin’s progress.
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