PEPE price explodes with 74% weekly gains, traders speculate whether meme coin rally is sustainable
- PEPE climbed 74% over the week in an explosive price rally.
- The internet frog meme-inspired coin has emerged as one of the best-performing cryptocurrencies amidst regulatory crackdown.
- Gemini exchange hinted at PEPE coin listing early on Thursday, fueling a bullish sentiment among holders.
PEPE, one of the largest meme coins in the crypto ecosystem, yielded upwards of 80% gains for holders over the past seven days. PEPE price advanced nearly 74% since Monday’s opening price of $0.00000093.
PEPE beats meme coins Dogecoin and Shiba Inu with massive gains
PEPE, a meme coin inspired by “Pepe the Frog” meme, surpassed $633 million in market capitalization in an explosive move. The meme coin’s price increased by 74% since June 19. At the time of writing, PEPE is exchanging hands at $0.00000151.
Shiba Inu and Dogecoin yielded modest gains for holders within the same time frame.
PEPE price chart shows that the token witnessed a large rally starting June 20, when Bitcoin rallied closer to the $30,000 level. Catalysts like institutional adoption and giant financial institutions filing for spot Bitcoin ETFs drove Bitcoin price higher. Following in Bitcoin’s footsteps, meme coins like PEPE yielded double-digit gains for holders.
PEPE/USDT one-day price chart
PEPE hit a local peak of $0.00000168 early on Thursday, wiping out all losses incurred by the meme coin since its decline on May 23.
The meme coin is currently trading above its 10-day Exponential Moving Average (EMA) at $0.00000114. The Fibonacci retracement of PEPE decline from the May peak of $0.00000437 to low of $0.00000088 has established key resistance levels for the meme coin.
PEPE faces resistance at 38.2% Fibonacci level at $0.00000222 and the 50% retracement at $0.00000263. It remains to be seen whether PEPE’s gains are sustainable in the long term.
Besides the Bitcoin price rally to $30,000, PEPE’s probable listing on Gemini exchange has acted as a bullish catalyst. The exchange teased PEPE’s listing on its platform in a tweet earlier today.
Feeling pepish about something coming soon… pic.twitter.com/PEwsTOVT22
— Gemini (@Gemini) June 22, 2023
PEPE’s listing on Gemini would introduce the meme coin to 1.8 million active users of the cryptocurrency exchange.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
