Pepecoin ($PEPE) Price Surges 16%: Is the Meme-Coin Making a Comeback?

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The Pepe (PEPE) meme coin has experienced a notable surge, with a 15% increase over the past 24 hours. Among the top 100 projects, it currently ranks as the sixth-highest gainer. Additionally, on the weekly charts, the token has seen a rise of 16.3%.

Thanks to Bitcoin for PEPE’s surge

This recent influx of funds can likely be attributed to the positive sentiment surrounding Bitcoin (BTC) among investors. Other altcoins and meme-coins may be following the lead of the original cryptocurrency. BTC’s rally is linked to the spot Bitcoin ETF applications from BlackRock and Fidelity.

While the Securities and Exchange Commission (SEC) has yet to approve any spot Bitcoin ETF applications, many anticipate that BlackRock’s application will be accepted due to its status as the world’s largest asset manager.

However, despite this recent rally, Pepe is still significantly below its peak in early May. After gaining considerable attention with a nearly 6000% surge shortly after its launch, the meme-coin has since experienced a decline. On May 5, 2023, Pepe reached an all-time high of $0.000004354, but it has since fallen by 74%. 

According to IntoTheBlock, the majority of PEPE holders, 54%, are currently at a loss, while only 33% are in profit, and 13% have broken even. Additionally, large transactions have decreased by 8.10%. However, the project has seen positive net network growth of 2.05%.

It is likely that the recent rally in PEPE is a temporary surge that may not be sustained for long. The project lacks real-world use cases, and most investors are likely participating in hopes of quick profits.

At present, the token is encountering resistance around the $0.00000118 level, with support found at approximately $0.00000101. If the current resistance levels are surpassed, fresh resistance could be encountered around $0.00000124.

As of the time of writing, PEPE is trading at $0.000001075, reflecting a 15.18% hike in the last 24 hours. However, on the monthly charts, the token has seen a decline of 31.7%.