PEPE surges 115% in 30 days, but correction looms

PEPE has gained more than 100% in the last 30 days. It is now exchanging hands at $0.00001686. The frog-themed meme coin is also up by 11.615 in the last 24 hours. What makes it the point of discussion is the expected correction phase. PEPE has sustained gains in the last couple of months. However, traders are more willing to bring down the selling pressure.

Net flow has been negative. One whale even withdrew more than 500 billion PEPE tokens from Binance, which were valued at around $8 million at that time. A negative flow indicates that traders want to hold their tokens for a long time. Plus, Altseason is around the corner. Some analysts believe that altcoin season has begun, and only its effects are yet to be seen. Altseason is linked to the phase wherein altcoins (cryptos other than Bitcoin) experience significant value gains.

Such a phase is only expected to pull the price higher.

A rise in PEPE and expectations about its correction come as the collective market cap of meme coins is up by 2.14%. At press time, the collective 24-hour trading volume had also surged by 18.88%.

PEPE is not the only meme coin gaining traction at the moment. WIF and BONK are also in the same boat. They have gained 3.85% and 9.84% in the last 24 hours, respectively. The surge in the last 30 days is also significant—up by 17.83% and 59.64%, in the same order.

The market cap of PEPE is also being discussed. The column sports more than $7 billion. The market cap of the said meme coin may eventually move beyond $30 billion.

Two technical indicators – Relative Strength Index & Money Flow Index – signal that the token has been overbought, opening a window for traders to take profits home. As for the market cap of PEPE, some analysts estimate that it can even go as high as $69 billion.

SHIB and DOGE continue to lead the rally for meme coins. They are up by 5.23% and 9.50% in the last seven days, currently valued at $0.00002545 and $0.1662, respectively. The market cap of SHIB is more than $15 billion, and the market cap of DOGE is above $24 billion right now. Sentiments across the crypto market are bullish, with Bitcoin trading closer to $70,000 and Ethereum expected to surpass $4,000 in the next couple of days or weeks.

PEPE’s rise is a natural reaction to the ongoing market conditions. Investors and traders are optimistic about the future of the presented landscape. The approval of Spot Ether ETF has further ignited excitement among them. If PEPE does make its way to the market, it remains to be seen how it sustains amid the correction phase.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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