The meme coin PEPE has seen significant gains in the market recently. It has experienced a 78% increase in value in the past week, riding the positive sentiment within the crypto community. This rally aligns with the overall performance of the crypto market, with Bitcoin gaining 15.03% and Ethereum gaining 9.56% in the same period. Despite a slight pullback, PEPE Coin has maintained a 12.43% increase in price over the past 30 days, making it one of the top-gaining coins.
One possible reason for PEPE’s price rally is the selling pressure from the previous downtrend, combined with the recent market recovery. The developers of PEPE may have sold their pre-mined coins at high levels, contributing to the rally. Additionally, the community-driven nature of the token and the bullish sentiment surrounding it may have generated enough buzz to push the price up.
PEPE initially gained popularity among meme enthusiasts but then experienced a bearish trend. However, it quickly regained momentum and reached a price of $0.00000164 on June 23, with consecutive gains over the weekend and on June 26. The market cap-to-volume ratio of PEPE has also increased significantly. To sustain this momentum, the bulls must continue to push the price up, or else PEPE may decline again.
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