In the past 24 hours, PEPE has surged by 13.5%, currently trading at $0.00000694. This surge has propelled its market cap to $2.92 billion, positioning it as the 35th-largest digital currency.
Additionally, PEPE’s daily trading volume has seen a notable increase of 24%, totaling $1.14 billion.
Inspired by the iconic 2000s Pepe The Frog meme, the Pepe token was introduced in April 2023. Since its inception, the asset has seen a remarkable 12,200% rally, hitting an all-time high of $0.0000107 on March 14, with a market cap peaking at $4.2 billion.
It’s worth mentioning that PEPE currently stands as the third-largest meme coin, following Dogecoin (DOGE) and Shiba Inu (SHIB).
According to Santiment data, PEPE’s exchange inflow has slightly decreased from 5.57 trillion tokens to 5.47 trillion tokens over the last 24 hours. Conversely, the exchange outflow has experienced a slight uptick, hovering around 6 trillion PEPE.
This market trend indicates a tendency among investors to accumulate the meme coin rather than engage in short-term selling for profit.
Furthermore, data from the market intelligence platform reveals a consistent increase in the number of daily active addresses associated with Pepe. Over the past three days, this figure has risen from 2,670 on April 29 to 3,249 unique wallets at the time of reporting.
Typically, when both price surges and active addresses increase simultaneously, it often leads to lower price volatility, as the likelihood of whale manipulation decreases.
However, Santiment’s analysis highlights that the PEPE Relative Strength Index (RSI) has surged from 64 to 72, indicating signs of overheating. This suggests that PEPE is currently moderately overvalued, with a higher potential for price volatility in such market conditions.
