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- Pepe (PEPE) sees a 13% increase in the last 24 hours.
- 9-day EMA is above the trading price at $0.0000006935; RSI is at 41.
In an unexpected development, Pepe, the memecoin, has created ripples in the cryptocurrency market with an unforeseen rise in the last 24 hours. The price jumped from $0.000000616 to $0.0000007236 and is currently stabilizing at $0.0000006911. This remarkable surge signifies a noteworthy 13% increase in value within just one day. Additionally, the trading volume escalated by an incredible 536% during the same period, astonishing the crypto community.
While Pepe supporters are rejoicing at the favorable momentum and hoping for a more prolonged upward trajectory, crypto analysts and speculators have differing views. Some believe that this spike could be due to a short squeeze, while others contend it could be a dead cat bounce.
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Bull Run or Short Squeeze?
Adding to the fascination surrounding Pepe’s recent activity is the fact that the coin experienced a bearish month prior, enduring a 36% drop. This decline followed alarming news that surfaced on August 24th, 2023, when the memecoin community was shaken by a series of transactions involving the project’s multisig wallet. An astonishing 16 trillion PEPE tokens, worth approximately 15 million USD, were moved from the wallet to various cryptocurrency exchanges, including OKX, Binance, Kucoin, and Bybit.
Moreover, just two weeks ago, the Pepe team made a shocking revelation. They disclosed that the previous Telegram channel associated with $PEPE had been hacked and was no longer in their control. The account “lordkeklol” had been compromised and was being utilized to promote scams and mislead individuals, as well as to launch other cryptocurrencies.
An examination of the Pepe daily price chart offers further insights. Currently, the 9-day exponential moving average (EMA) is situated below the trading price at $0.0000006935. Additionally, the daily relative strength index (RSI) is recorded at 41, suggesting that an oversold condition may be nearing.
