PEPE Price Rose 12% In A Day Amid Market Fall: What’s Happening?
Pepe Coin finally makes a breakthrough with rising 12% in the last 24 hours after facing a big decline earlier this month. This frog meme coin had its prime in May, setting an all-time high target of $0.00001718 before declining to a low of $0.00001168 just a few days ago. At the time of writing, the PEPE price is $0.00001355 with a market capitalization of $5.7B.
However, it is nothing new for Pepe Coin as similar declines have made their way into this meme coin chart, but the recovery was far more worthwhile. The prime example of this is the incident of last year, where the PEPE price declined to a low after setting that year’s all-time high target of $0.00000378. A similar has happened this year, making PEPE the second biggest crypto, outperforming Bitcoin with 975.65% in YTD.
Why Is PEPE Price Rising?
The Pepe Coin price surge comes after the increased activity on the network, leading to a 23% surge in trading volume. The TV is currently at $1.42B and has grown heavily from yesterday’s $714 million value. The increase in trading volume results from increasing trading on crypto exchanges, including OKX and Bitget, which are responsible for trading volumes of $915 Million and $618.
The Open Interest rates, which measure the outstanding derivatives contract, have increased by 4.06%, bringing the value to $140.63 million. This surge is an indication of the increased participation in PEPE futures and options.
Moreover, the crypto market has also experienced a bullish push with the declaration of Consumer Price Index (CPI) data, revealing a drop to 3.3%. A similar drop is also planned for the inflation rate deduction to 2%, but the results are based on today’s FED meeting results. This news has pushed the Bitcoin price to $69,928, along with increasing the Ethereum price to $3637 after a 4.61% and 3.49% surge.
The US May Core CPI(YoY) is 3.4%, lower than Forecast (3.5%) and Previous(3.6%).
And the price of $BTC surged 2.4% after the CPI data was released. pic.twitter.com/5iMYxtNjbU
— Lookonchain (@lookonchain) June 12, 2024
What Is Coming Next For PEPE Price?
As per analysts, PEPE is in the bullish zone because of the channel-up pattern, which could push the price even higher. If the trend continues, the PEPE price can surge to a high of $0.000017, after a 50% surge by the month’s end.
The technical factors and moving average also favor the same, as the meme coin is in a strong buy zone because of ‘buy the dip.” Additionally, the Relative Strength Index (RSI) at 6.5 indicates the buying zone, which could lead to further gains.
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