The price of Pepe coin (PEPE) is gaining bullish momentum after a week of constant declines.
PEPE is up by 13.5% in the past 24 hours and is trading at $0.00000694 at the time of writing. The asset’s market cap increased to $2.92 billion, making it the 35th-largest digital currency.
Moreover, the meme coin’s daily trading volume witnessed a 24% surge, reaching $1.14 billion.
The Pepe token, inspired by the popular 2000s Pepe The Frog meme, was created in April 2023. The asset has recorded a 12,200% rally since its creation and an all-time high of $0.0000107 on March 14, with its market cap reaching $4.2 billion.
It’s important to note that PEPE is currently the third-largest meme coin after Dogecoin (DOGE) and Shiba Inu (SHIB).
According to data provided by Santiment, the PEPE exchange inflow declined from 5.57 trillion tokens to 5.47 trillion tokens over the past 24 hours. The exchange outflow, however, registered a small hike and is hovering at 6 trillion PEPE.
This market behavior shows that investors are slightly accumulating the meme coin rather than selling for short-term profit.
Data from the market intelligence platform shows that the number of Pepe daily active addresses has consistently increased over the past three days — from 2,670 on April 29 to 3,249 unique wallets at the reporting time.
When the price surges along with the number of active addresses, lower price volatility is usually expected due to a lower chance of whale manipulation.
On the other hand, the PEPE Relative Strength Index (RSI) surged from 64 to 72, showing signs of overheating, per Santiment. At this point, the RSI indicator suggests that PEPE is moderately overvalued, and high price volatility is usually expected in these market conditions.
An RSI of below the 50 mark could potentially suggest a further price hike for PEPE.
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