u.today
$PEPE, the frog-themed meme coin, is riding the broader bullish wave on the market today. Per data from CoinMarketCap, $PEPE has rallied by 2.7% in 24 hours to $0.00001038. However, as of writing time, the token has reduced its rally over the week after paring off its gain with a 0.9% slump. The contrasting outlook plunges $PEPE into a very unique growth stance.
Insight from $PEPE's volume
On-chain data shows a massive uptick in $PEPE’s 24-hour trading volume. CoinMarketCap’s data pegs this metric at $742.55 million, up by 51% within this period. With this bullish metric, it becomes evident that $PEPE has generated a massive interest among investors overall.
However, the major catch lies in its mildly sliding price growth. Despite the 24-hour surge, the token is down on the weekly front, a trend which, if sustained, might grow and trigger a reversal in the price of $PEPE to add another zero.
Other $PEPE metrics do not promise to avert the former projection of a likely price drawdown. $PEPE whales, for instance, have yet to buy the token. IntoTheBlock data shows this metric is down 16.44%, with only $42 million bought in 24 hours.
This outlook, including the $PEPE Open Interest shift, shows that one metric might need to properly describe or showcase what comes next for an asset, including $PEPE.
Which is too soon - $PEPE rally or sell-off?
With the $0.00001 price coming off as psychologically important, many are watching whether a surge or fall is imminent for $PEPE.
The token is about 39% away from its all-time high (ATH) of $0.00001718 and presents two possibilities. It could continue soaring, riding on the "Uptober" rally sentiment to finally breach the $0.00005 level in the midterm. However, if $PEPE cannot retain the volume boost and other mildly positive metrics, it might fall below the dreaded price market.
Overall, the $PEPE community remains positive that brighter days for the token lie ahead beyond October.