PEPE reaches new historic record; analyst believes memecoin can expand gains

The PEPE cryptocurrency reached a new all-time high on Monday morning, reaching the $0.00001725 mark. This advance represents an appreciation of 81% in the last seven days, highlighting the growing interest and popularity of memecoins.

Memecoins have benefited from the current bull cycle in the cryptocurrency market, following the gains seen in major assets such as Bitcoin and Ethereum.

Since the approval of spot Bitcoin ETFs in early 2024, several memecoins, including Dogecoin (DOGE), Shiba Inu (SHIB), and PEPE, have seen significant increases in value.

Data from crypto analytics platform Santiment shows a notable increase in PEPE activity between May 20th and 27th. The number of active addresses nearly doubled during this period. Meanwhile, the coin’s social dominance, which measures its presence in discussions on social media, jumped from 0.81% to 3.55%.

These indicators suggest growing interest from investors and greater visibility for PEPE in the crypto community.

Memecoin BABY

The supply of PEPE on exchanges has remained almost stable, with an increase of just 0.3% since May 20th. This stability suggests that selling pressure is limited, which could favor memecoin’s continued gains.

Since mid-April, PEPE has shown a consistent upward trend. “Technical indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are suggesting a continuation of the uptrend,” said analyst Ekta Mourya.

She points out that the RSI is currently at 77.81, above the overbought level of 70, indicating that although the coin may be overbought, there is positive momentum that could support further gains.

“The MACD shows green histogram bars above the neutral line, indicating underlying strength in the upward movement of the PEPE price. Several analysts believe that if PEPE can maintain this momentum, it could see an additional appreciation of around 25%, reaching the 127.2% Fibonacci extension of the rally that began with the April 13 low at $0.00000393 until the peak of May 27th”, he concluded.