PEPE continues its upside momentum, outperforming most cryptocurrencies on a day when buying momentum has eased up across the market. In the last 24 hours, PEPE is up 7.95%, hitting a high of $0.0000032.
Pepe is one of the top-ranking Ethereum-based meme coins known for their transparency. While most meme coins lure investors through extraordinary claims on their potential utility, PEPE is upfront that it is nothing but a meme. Anyone investing in PEPE knows that they are simply trying to catch the meme wave.
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This level of transparency has made PEPE very attractive to most investors chasing the promise of quick wealth that comes with meme coins. At the same time, PEPE does not have a tax, which in most cases leads to a centralization of power in the hands of the founders. This makes PEPE entirely decentralized, giving investors an element of safety that PEPE will never rugpull.
Social Media Mentions Hit All-Time Highs
PEPE’s momentum in the past week is likely to continue, driven by its growing mentions by social media creators. Meme coins usually perform well when they trend on social media. That’s because trending helps them attract more investors, and a sharp increase in money flow triggers price rallies.
In the past week, there has been a sharp increase in the number of PEPE mentions by social media creators. The upsurge has hit an all-time high today and is reflected on CoinMarketCap. Today, PEPE is the top trending cryptocurrency on CoinMarketCap.
$PEPE has been nominated ‘Memecoin of the Year’ 🎉🐸
3 days left to get your votes for the frog in 👇https://t.co/Kk5mQzkiJO
— Pepe (@pepecoineth) February 29, 2024
This is a big deal because it creates a scenario where more people start investing in PEPE out of fear of missing out. The sharp increase in PEPE’s price on a relatively calm day in crypto is a pointer to the power of PEPE’s strong social media presence today.
Hype Meets Ease Of Buying
PEPE trending on social media also meets ease of purchase. Sometimes, a meme coin can trend, but if it is not easily accessible, investors simply choose to ignore it. This is not the case with PEPE.
Anyone who wants to buy PEPE can do so on most large exchanges where they can buy other top cryptos like Bitcoin and Ethereum. This means money will continue to flow faster into PEPE than most upcoming meme coins, especially now that PEPE hype is building up on social media.
In the section below, we look at PEPE’s possible price direction as it continues to draw attention on social media, with mentions hitting an all-time high.
PEPE Crypto Price Prediction
PEPE traded at $0.00000315 when going to press, with 24-hour volumes of $785 million. The market capitalization for PEPE stood at $1.33 billion, up by 10.78% in the day.
After a slight dip yesterday, PEPE found strong support at $0.00000273. Today, the price has jumped off this support with high volumes, indicating buyers are taking advantage of every PEPE dip.
If bulls can push PEPE through the $0.00000317 resistance, PEPE could easily test its all-time highs over the weekend. That’s because there is not much resistance, and social media sentiment points to a buildup in FOMO around PEPE.
However, two scenarios could play out if buying volumes drop and the price cannot push through the $0.00000317 resistance. The first is a possible consolidation between the $0.00000318 resistance and $0.00000273 support.
On the other hand, if bulls take control and push PEPE through the $0.00000273 support, then prices below $0.00000200 could be hit within the day.
PEPE Price Prediction – Why All-Time Highs Are Coming Soon
While possible, the odds of PEPE consolidating or turning bearish are slim. That’s because the excitement around PEPE on social media indicates a potential increase in buying pressure. This is already evident in the rising buying volumes that have seen PEPE bounce off a key support level with high volumes.
Also, Bitcoin seems all set to continue its push to $69K, and this will add to the bullish momentum across the market. The result is that retail money seeking high gains will continue to flow more into PEPE for its potential going into the future.
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