{"id":30292,"date":"2023-09-28T23:52:51","date_gmt":"2023-09-29T03:52:51","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=30292"},"modified":"2023-09-28T23:52:51","modified_gmt":"2023-09-29T03:52:51","slug":"what-is-behind-the-16-pepe-price-recovery-and-will-it-continue","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/09\/28\/what-is-behind-the-16-pepe-price-recovery-and-will-it-continue\/","title":{"rendered":"What Is Behind The 16% PEPE Price Recovery And Will It Continue?"},"content":{"rendered":"

Over the last week, the PEPE<\/a> price has emerged as one of the best performers in the crypto market. This followed a long period of drawdown that dragged the meme coin\u2019s price almost 90% below its June 2023 all-time high<\/a>. This prolonged bear period coupled with its declining momentum is why the price reversal has caught the market by surprise.<\/p>\n

Social Discussions Around PEPE Rise<\/h2>\n

To figure out why the PEPE price has been on a rally at a time when the broader crypto market has suffered declines, let\u2019s take a look at the social discussions around the token<\/a>. In particular, a report from on-chain tracker Santiment shows the social media discussion trends of top meme coins.<\/p>\n

Santiment\u2019s report which was shared on X (formerly Twitter) points out that meme coins<\/a> have not really been on the radar of traders, except for PEPE. As the chart shows, discussions around the PEPE meme token saw an uptick this week.<\/p>\n\n

It is the only meme coin<\/a> whose social media discussions rose during the week with the likes of Dogecoin<\/a> seeing their own metrics drop to 3-year lows. This uptick could present the reason behind the PEPE price recovery this week.<\/p>\n

Usually, when investors start getting interested in a coin, they will often talk about it on social media platforms. Depending on whether investors are collectively bullish or bearish, it can cause a swing in the price toward either direction. In this case, the uptick in discussions coincides with the rise in price, suggesting a higher level of bullishness.<\/p>\n

PEPE Price Rises 16% In One Week<\/h2>\n

PEPE\u2019s double-digit surge this week saw the altcoin<\/a> hit a local peak of $0.00000075 on Wednesday, resulting in one of its highest levels in September 2023. This rally has since lost momentum but the meme coin<\/a> continues to maintain a good chunk of its gains.<\/p>\n

The PEPE price is up more than 16% on the weekly chart and enjoying a 92% surge in its daily trading volume over the last 24 hours. This increase in trading volume also shines a light on the rising investor interest, which could suggest a continuation of the rally once the correction finds a bottom.<\/p>\n

However, with most of the crypto market still deeply in the throes of the bear market, it\u2019s unlikely that the rally would be able to continue for too long, presenting a hindrance. If the coin fails to establish support above $0.00000071, then all of this week\u2019s gains could be wiped out<\/a> by the time the weekend is over.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Over the last week, the PEPE<\/a> price has emerged as one of the best performers in the crypto market. This followed a long period of drawdown that dragged the meme coin\u2019s price almost 90% below its June 2023 all-time high<\/a>. This prolonged bear period coupled with its declining momentum is why the price reversal has caught the market by surprise.<\/p>\n

Social Discussions Around PEPE Rise<\/h2>\n

To figure out why the PEPE price has been on a rally at a time when the broader crypto market has suffered declines, let\u2019s take a look at the social discussions around the token<\/a>. In particular, a report from on-chain tracker Santiment shows the social media discussion trends of top meme coins.<\/p>\n

Santiment\u2019s report which was shared on X (formerly Twitter) points out that meme coins<\/a> have not really been on the radar of traders, except for PEPE. As the chart shows, discussions around the PEPE meme token saw an uptick this week.<\/p>\n

It is the only meme coin<\/a> whose social media discussions rose during the week with the likes of Dogecoin<\/a> seeing their own metrics drop to 3-year lows. This uptick could present the reason behind the PEPE price recovery this week.<\/p>\n

Usually, when investors start getting interested in a coin, they will often talk about it on social media platforms. Depending on whether investors are collectively bullish or bearish, it can cause a swing in the price toward either direction. In this case, the uptick in discussions coincides with the rise in price, suggesting a higher level of bullishness.<\/p>\n

PEPE Price Rises 16% In One Week<\/h2>\n

PEPE\u2019s double-digit surge this week saw the altcoin<\/a> hit a local peak of $0.00000075 on Wednesday, resulting in one of its highest levels in September 2023. This rally has since lost momentum but the meme coin<\/a> continues to maintain a good chunk of its gains.<\/p>\n

The PEPE price is up more than 16% on the weekly chart and enjoying a 92% surge in its daily trading volume over the last 24 hours. This increase in trading volume also shines a light on the rising investor interest, which could suggest a continuation of the rally once the correction finds a bottom.<\/p>\n

However, with most of the crypto market still deeply in the throes of the bear market, it\u2019s unlikely that the rally would be able to continue for too long, presenting a hindrance. If the coin fails to establish support above $0.00000071, then all of this week\u2019s gains could be wiped out<\/a> by the time the weekend is over.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-30292","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/30292","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=30292"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/30292\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=30292"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=30292"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=30292"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}