- Pepe (PEPE) price has pumped more than 60 percent in the past 30 days to reach a new all-time high with over 239k on-chain holders.
- The high demand for meme coins has seen most utility-focused crypto projects lag in the ongoing crypto bullish outlook.
As Bitcoin (BTC) price attempts to rally beyond its all-time high, above $73k, again after being trapped in a correction mode for the past two months, more short-term investors are diversifying into the altcoin industry to maximize on gains. The meme coin industry led by frog-themed Pepe (PEPE) and Floki Inu (FLOKI) has surged to nearly $69 billion in total market cap and a daily average traded volume of about $6.9 billion.
The re-emergence of celebrity meme coins has signaled the entrance of retail trades into the ongoing crypto bull run. However, Ethereum co-founder Vitalik Buterin has urged meme coin investors to stay away from projects with financialization as the end goal but instead pay attention to utility as the final product.
Pepe Outshines Top-Tier Crypto Projects
After posting an impressive performance in the past six months, frog-themed Pepe has attracted more whale investors in the recent past. In the past week, on-chain data shows that several PEPE whales have withdrawn more than $10 million worth of the frog-themed meme coin.
As a result, Pepe has registered significant trading volume in the past few weeks, higher than Dogecoin (DOGE) and Shiba Inu (SHIB). According to aggregate market data provided by Binance-backed Coinmarketcap, Pepe has registered a 30-day cumulative trading volume of about $41 billion.
Ripple Labs-backed XRP registered a total of $34 billion in the same period while Dogecoin and WIF each registered about $25 billion. Floki Inu and Shiba Inu each registered $23 billion and $20 billion respectively in the past thirty days.
Can Pepe Maintain High Performance?
As Crypto News Flash previously reported, the notable rise of Pepe meme coin in the past few months has heavily been influenced by the support from institutional money. Furthermore, PEPE has gained a liquidity of more than $60 million on different decentralized exchanges (DEXs), thus enabling seamless trading.
However, PEPE is facing significant competition from the hundreds of other meme coins, more so those inspired by the US political class and the Wall Street-centered coins. As a result, PEPE core developers must continue to innovate new ways of keeping the community engaged, perhaps in a similar manner to Shiba Inu and Floki Inu.
Midterm Price Expectations
The mid-cap altcoin, with a fully diluted valuation of about $6 billion and a daily traded volume of about $1 billion, has experienced significant resistance around $0.0000163. The meme coin has been on choppy days for the past two weeks, despite establishing a support level of around $0.0000143.
If Pepe’s price fails to defend its current support level, the meme coin could drop towards $0.000011, which coincides with the weekly 0.618 Fibonacci Extension. On the other hand, a bullish continuation could pump the meme coin towards $0.00002, which coincides with the weekly 1.618 Fibonacci Extension.
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