PEPE, the frog-themed meme coin, is witnessing massive activity in the cryptocurrency market that could indicate bullish sentiment. In the last 24 hours, more than 1.14 trillion PEPE were traded, in a move that indicates renewed interest in the asset.
PEPE price evolution
According to data from CoinMarketCap, PEPE market volume has skyrocketed a significant 19.74% to $2.13 billion. This increase in trading volume occurred as both investors and traders took positions in anticipation of a potential market rally.
In particular, the increase in interest has caused PEPE prices to increase. At the time of writing, PEPE is trading at $0.00001868. This represents a 2.15% increase as the meme coin struggles to maintain price stability.
In previous trading, the price of PEPE soared to $0.00001941 before experiencing slight fluctuations due to market dynamics. However, the token has found $0.0000185 to be a crucial support level as it has so far traded above that mark despite fluctuations.
Market watchers consider this to be significant progress for PEPE, given that in the last seven days, the coin fell to a low of $0.00001455. In a show of resilience, the PEPE has begun a path of regression that is promising if it manages to maintain the momentum.
Will Pepe be able to witness the rebound in prices?
Analysts maintain that for PEPE to rediscover price levels close to the $0.00002760 mark it reached in the second week of December, the community must be strong. In particular, positive sentiment from the meme coin community could fuel the asset’s rebound.
For example, Elon Musk, billionaire innovator known for his love of memes, recently created a stir for Pepe. In a post on X, he shared a meme about how certain users of the social media platform treat information and news about PEPE.
Additionally, whale activity in the community could help determine price direction as PEPE begins to rise to previous levels.
