The cryptocurrency market may be feeling the chills of the recent downturn, but there is one meme coin that is defying the freeze – Pepe Coin.
While altcoins are teetering in the shadows of Bitcoin's (BTC) recent 5% drop, PEPE is strutting its stuff with a huge rally last month and a daily rise of nearly 6%.
This bullish behavior has analysts like Crypto Tony excitedly raving about a potential all-time high (ATH) for the meme coin.
Beacon in the bear market
Unlike its altcoin counterparts that collapsed during the recent market downturn, the meme coin has remained resilient. This resilience indicates an underlying strength that can attract new investors and boost investor confidence.
A fruitful month
Last month was a good time to be a PEPE carrier. The price jumped 20%, and is currently sitting at $0.058. Daily trading volume also paints a promising picture, reaching $755 million. This indicates healthy market activity and adds fuel to the bullish fire.
Whale diving: a sign of things to come?
An example of this is the large withdrawal from Binance via address 0xa145, which totaled 350 billion tokens, or just over $3 million. This action reinforces positive sentiment by indicating the potential for profitable trading opportunities.
PEPE is currently trading at $0.000008. Chart: TradingView
The analyst enters
Adding to the bullish chorus is prominent cryptocurrency analyst Crypto Tony. He predicts a new high for the meme coin, citing the recent price action of the meme coin and the inherent strength.
$baby / American dollar – to update
A new high is coming for PEPE. Good to see some strength and clean price action here pic.twitter.com/lcZTysAu4z
— Crypto Tony (@CryptoTony__) May 11, 2024
This optimistic outlook from a respected voice in the cryptocurrency world is sure to attract the attention of investors looking for the next big winner.
Featured image from Reddit, chart from TradingView