cryptonews.com
Pepe Coin has risen by over 270% in the past 24 hours, with its price of $0.000000265475 representing a massive 1,000,000% gain since its launch on Sunday.
The launch of PEPE comes amid the emergence of a new market trend for meme tokens modeled after Pepe the Frog, a cartoonish, humanoid frog that's popular within certain online circles.
With PEPE's price rising so strongly since its launch over the weekend, it's clear that many traders are buying into the token, even if it has no real fundamentals beyond its apparent virality.
As such, it may end falling as quickly as it has risen in the past few days, with other meme tokens doing a better job of offering actual utility and value.
Pepe Coin Price Prediction as PEPE Rockets Up 1,000,000% in 5 Days – Best New Meme Coin?
As far as PEPE's chart is concerned, the coin may have peaked for now, with its relative strength index (purple) beginning to slide in the past hour from 70, which indicates overbuying.
However, it's also clear that the meme token's support level (green) has been rising steadily since it launched, meaning that it continues to consolidate around ever-higher bands.
This is positive for PEPE, since even if it does see a dip in the coming hours or days (which is probably inevitable), it may be able to resume its impressive climbs.
What's impressive about PEPE is that it accounts for trading volume of just over $86 million on Uniswap, where it's being traded mostly with Wrapped Ethereum (WETH).
This suggests considerable interest in the token, which has a total maximum supply of 420 trillion, an 'amusing' nod to 4/20 cannabis culture.
Not much else is known about the coin, which has no connection to Matt Furie, the original creator of the Pepe the Frog meme.
It's also not known who has actually created the PEPE token, something which could potentially indicate that it may be part of a classic rugpull.
Nonetheless, the potential risks inherent to PEPE hasn't prevented it from storming the charts over the past few days, with CoinGecko data suggesting that it's the highest-rising cryptocurrency in the entire market today.
This fact alone is probably enough to keep PEPE performing over the next few days, despite the fact that it has nothing else going for it other than a rising price.
That said, it seems to have already attracted a smallish community of boosters and cheerleaders online, with a number of Twitter accounts emerging to make outlandish claims for it.
As such, community alone may help it sustain its rises, at least for a little while, until the next thing.
Buy Crypto Now