PEPE Records a 30-Day High Amid Whales and Social Media Frenzy

  • PEPE meme coin surges 10% in 24 hours, driven by increased social media buzz and whale activity.
  • Santiment reports a 105% rise in PEPE’s social volume, hinting at growing enthusiasm.
  • Renowned crypto figure Glauber Contessoto adds PEPE to his top ten coins to watch, potentially boosting interest further.

PEPE bulls enjoyed the upper hand in the previous 24 hours, pushing the price to a two-week high of $0.000001345. This jump coincides with increased social media conversation and a frenzy of activity by more significant investors, dubbed “whales.” This rising social media talk and engagement from more significant investors indicates growing interest and trust in PEPE.

Whales and Social Buzz Fueling PEPE’s Rise

Significantly, the meme coin, currently trading at $0.00000129, has seen a 10% increase in the last day alone. In addition, the market capitalization ballooned by over 11% to approximately $540 million, coupled with a trading volume that’s soared by 59.19% to hit the $187.49 million mark in just 24 hours.

PEPE/USD 24-hour price chart (source: CoinStats)

Despite a 69% drop from its all-time high in May, PEPE’s 30-day sprint has seen an 89% jump, mirroring the broader crypto market’s bullish trend. Santiment, a market intelligence platform, highlights a 105% boom in Pepe’s social volume. Conversations are brimming on platforms like X (previously Twitter), Telegram, and Reddit, showcasing a collective enthusiasm that could propel the token’s value.

Moreover, whale transactions of PEPE exceeding $100,000 have shot up by 50% day-on-day. This hike indicates a growing interest from high-stake players in the crypto field. Interestingly, active PEPE deposits to exchanges have taken a 33.8% dip since November 6, hinting at investors’ anticipation of a further price rally before they liquidate their holdings.

The PEPE price-daily active addresses (DAA) divergence metric also stands at a positive 5.8%. According to Santiment, an upward trend in this indicator often signals a strong ‘buy’ sentiment in the market.

Influential voices in the crypto community are also taking note. Glauber Contessoto, a renowned Dogecoin (DOGE) millionaire, recently named PEPE among his top ten coins to watch. This mention could add fuel to the already-kindled interest in PEPE.

PEPE/USD Technical Analysis

The Chaikin Money Flow (CMF) on the PEPEUSD 4-hour price chart is positive at 0.14, indicating market purchasing pressure. This CMF pattern shows that there is a more significant amount of purchasing than selling, which might lead to an increase in the price of PEPEUSD. However, if the CMF trend begins to fall and swings into negative territory, it may suggest a change in market mood and probable selling pressure.

The Relative Strength Index (RSI) of 70.97, on the other hand, implies that the PEPEUSD is overbought and on the verge of a reversal. As a result, traders and investors should exercise caution, as this high RSI reading may imply an impending market correction or retreat.

PEPE/USD 4-hour price chart (source: TradingView)

In conclusion, PEPE’s recent surge fueled by whales and social buzz highlights growing interest, but caution is warranted as overbought conditions may lead to a market correction.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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