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PEPE, the frog-themed meme coin with a market capitalization of over $3.9 billion, appears set to clear one zero from its price. Over the past seven days, PEPE has witnessed a significant price decline. However, the token began its rebound on Oct. 28 as investors’ interest picked up once again.
Market volume and price rebound fuels optimism
As of this writing, data shows that PEPE’s market volume has climbed by 14.13% within the last 24 hours. This has seen PEPE’s market volume soar to $791.15 million as bullish sentiment for the meme coin soars.
PEPE has shown an aggressive rebound in the past few days, possibly fueling the ongoing bullish frenzy in line with market trends. Market watchers believe that if the coin can sustain the current trading volume boom, PEPE might clear one more zero off its price to elevate the token.
This bullish metric by PEPE within the past 24 hours shows that the token has generated huge investor interest. Possibly, these investors have taken advantage of its recent dip to accumulate the token and look to profit from it when it knocks off one zero.
With the rising trend in the market volume and other factors like Whale impact, many anticipate the price to climb soon, particularly as Bitcoin’s effect spreads across the crypto space.
Whale activity stirs market excitement
As earlier reported by U.Today, PEPE’s whale actions have also contributed to the market rally for the meme coin. On Oct. 28, a single PEPE whale moved over 1.2 trillion PEPE, valued at approximately $11,510,036.
The transaction, as spotted by Whale Alert, was moved to Binance, indicating a sell-off. However, purchasing that large amount also signals investors’ interest in the meme coin and confidence in possible price growth soon.
On the crypto market, PEPE currently trades at $0.059524, a 1.28% rise in price over the past 24 hours.