Pepe Coin (PEPE), the once announced meme coin that rode the waves of euphoric hype, is making a remarkable comeback after a period of stagnation.
As the frenzy surrounding the coins gradually dissipated, PEPE experienced a significant loss in value, leaving investors and enthusiasts uncertain about its future.
However, recent data analysis has shed light on a remarkable trend – the resurrection of PEPE. Notably, the token’s emission is not a mere coincidence; It can be attributed to higher buying pressure.
But what does this renewed interest in PEPE mean for its future?
PEPE demonstrates promising market dynamics
PEPE, currently valued at $0.00000155 USD according to Queen Gekko, it recently witnessed a moderate increase of 2.3% over the past day, which indicates a possible shift in market dynamics. However, the most noteworthy development is the observed seven-day increase of 71.9%, which indicates significantly renewed interest.
Source: Coingecko
Analysis of the on-chain data reveals a significant decrease in the supply of PEPE on exchanges, while the off-exchange supply has increased, which indicates the desire of investors to acquire the meme coin.
According to another PEPE price reportIts accumulation trend is supported by the significant increase in the total number of equity holders over the past few days. The bullish trend also increased the positive sentiment around the currency.
Pisces” 0x31f5 spent 4.54M American dollar and 150 ETH dollars ($287,000) to buy $3.43 trillion $ beep at 0.000001406 USD over the past eight hours.
Whale earned about $11.47 million $ beep For the first time, they lost nearly $741,000 $ beep For the second time. pic.twitter.com/SeS8P7jaQ3
– Lookonchain (lookonchain) June 22, 2023
Moreover, recently Tweet from Lookonchain Indicates that PEPE has been under buying pressure. According to the tweet, whales invested $287,000, equivalent to $4.54 million and 150 ETH, to buy 3.43 trillion pip. In addition, PEPE’s trading volume has seen a significant increase of more than 200% over the past 24 hours.
Pepe Coin price movement in the last seven days. Source: Coingecko
Challenges facing PEPE
As the meme coin continues to gain momentum with its recent rally and increased investor interest, the question arises: what lies ahead for this digital asset? While the current market dynamics appear promising, it is important to consider the challenges that PEPE may face in the future.
Like many cryptocurrencies, meme coins are known for their high volatility and speculative nature. While the recent rise in the value of PEPE is encouraging, it is necessary to recognize the inherent risks associated with investing in such assets.
As of today, cryptocurrencies have a total market cap of $1.13 trillion. Chart: TradingView.com
The regulatory landscape surrounding cryptocurrency is constantly evolving. In view of the US Securities and Exchange Commission Lawsuits against Binance and CoinbaseGovernments and regulators are watching the space closely, which could lead to potential changes in legislation or stricter regulations.
PEPE, like other meme coins, needs to effectively overcome these regulatory challenges to ensure its long-term viability.
(The content of this website should not be interpreted as investment advice. Investing involves risk. When you invest, your capital is at risk).
Featured image from Adobe Stock
