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In this article, we'll explore what's going on with the meme-based cryptocurrency Pepe (PEPE). While Bitcoin (BTC) is trying to stabilize, we'll look into whether Pepe could reach $1. Let's take a closer look at this.
How has the PEPE Price Moved Recently?
The current price of Pepe Coin is $0.00000729, with a 24-hour trading volume of $1.18 billion. Its market capitalization stands at $3.08 billion, representing a market dominance of 0.13%. Over the past 24 hours, the PEPE price has increased by 3.16%.
Pepe Coin reached its peak price on March 14, 2024, hitting an all-time high of $0.00001076. Its lowest recorded price was on April 14, 2023, at an all-time low of $0.00000000001057. Since its all-time high, the lowest price observed was $0.000004178 (cycle low), and the highest price reached since then was $0.000008166 (cycle high). The sentiment for Pepe Coin's price prediction is currently bullish, with a Fear & Greed Index showing 70 (Greed).
The circulating supply of Pepe Coin is currently 420.69 trillion PEPE out of a maximum supply of 420.69 trillion PEPE.
Why is the PEPE Price Up?
Coinbase originally announced the launch of Pepe perpetual futures contracts on April 11th. Despite facing technical issues that resulted in trading being paused until April 23rd, this event likely played a role in boosting positive sentiment around PEPE. The 1000PEPE-PERP market is now fully operational on both Coinbase International Exchange and Coinbase Advanced, offering a range of order types including limit, market, stop, and stop limit orders.
Can PEPE Surge to $1?
The recent performance of Pepe (PEPE) demonstrates a remarkable upward trend, with a staggering 3,338% increase in price over the past year. This extraordinary growth has outpaced 98% of the top 100 cryptocurrencies, including industry giants like Bitcoin and Ethereum. Furthermore, Pepe is currently trading above its 200-day simple moving average, a key indicator suggesting sustained positive momentum. The coin has also experienced 18 green days out of the last 30, indicating a consistent bullish sentiment among investors, with a 60% frequency of positive trading days.
Additionally, Pepe exhibits high liquidity, as reflected by its substantial market capitalization. This liquidity provides a strong foundation for continued trading activity and market stability. Considering these factors, the potential for Pepe to reach $1 in the near future appears plausible. The coin's impressive growth trajectory, strong market performance relative to other cryptocurrencies, and consistent positive sentiment among traders all contribute to a favorable outlook for further price appreciation. While market conditions can be volatile and subject to changes, the current indicators suggest that Pepe is positioned favorably to continue its upward trajectory towards the $1 mark.