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PEPE’s Rally: Is $0.0000191 the Next Stop for the Surging Memecoin?
In a stunning turn of events, PEPE’s price has surged over the last week, sparking widespread speculation about its future trajectory. With the token’s trading volume increasing alongside its value, many are now wondering if it will continue its upward momentum and reach a new all-time high. Can $0.0000191 be in sight?
The data suggests that such an outcome is not entirely implausible. According to recent market trends, PEPE’s buy volume has skyrocketed to 78 on December 29th, indicating a significant increase in buying pressure around the token. This surge in buying activity could very well be fueling its price hike.
Furthermore, Santiment’s network growth data indicates that more new addresses are being created to facilitate transactions with the memecoin. This increased adoption and interest could also be driving up demand for the coin, causing prices to rise.
But what about whale investors? Are they showing confidence in PEPE as well? According to our analysis of the token’s supply held by whales over the past seven days, it seems that these big players are indeed buying into the memecoin. This increased investor interest could be further bolstering its value.
While there is certainly reason to believe that PEPE may continue its upward trajectory, we must not forget about potential bearish influences in the market. The token’s MA Cross indicator reveals a slight bearish bias, as the 21-day and 9-day MAs have crossed over each other. This could be indicative of a price correction on the horizon.
But if PEPE is to continue its current rally, where might it end? Based on recent data from Coinglass, we have reason to believe that $0.0000191 may be in sight.
Source: ambcrypto.com
