news 
PEPE’s rally: Is $0.0000191 the next stop for the surging memecoin?
Over the last week, PEPE has experienced a remarkable price surge, with its value increasing by more than 8%. As it stands, the memecoin is trading at $0.00001855 with a market capitalization of over $7.88 billion, making it the 24th largest cryptocurrency.
As the coin’s price continues to gain bullish momentum, buying pressure around it has also increased. According to Hyblock Capital’s data, PEPE’s buy volume reached 78 on December 29, indicating high buying pressure on the token, which often pushes prices up.
Further analysis of other metrics suggests that the memecoin’s upward momentum is likely to continue in the coming days. Santiment’s data reveals that the memecoin’s network growth started to increase after a dip, suggesting more new addresses were created to transfer the token. Additionally, the memecoin’s MVRV ratio registered a slight increase, indicating that the market cap had increased relative to the realized cap.
The data also suggests that big-pocketed players in the market are showing confidence in PEPE, as evident from the rise in supply held by whales over the last seven days. Furthermore, the Relative Strength Index (RSI) rose, indicating that investors were buying the memecoin.
However, not everything is working in the memecoin’s favor. The MA Cross indicator revealed a bearish upper hand in the market, as the 21-day MA was above the 9-day MA.
Source: ambcrypto.com
