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In an unexpected development, the PEPE token has surfaced as one of the leading performers in the cryptocurrency market over the last week. This revival follows an extended downturn that saw the meme coin drop nearly 90% from its all-time high in June 2023. The abrupt turnaround has surprised and captivated the market, particularly in light of the recent challenges faced by the broader crypto landscape.
Let’s explore the social conversations surrounding this distinctive token to understand the reasons behind PEPE’s rally amid widespread declines in the crypto market. Notably, an on-chain analytics platform, Santiment, has published a report that highlights trends in social media discussions related to top meme coins.
As per Santiment’s report, which was shared on the social media platform X (formerly Twitter), meme coins had largely fallen off traders’ radars, with the exception of PEPE. The accompanying chart clearly shows that conversations about the PEPE meme token saw a notable increase during the week.
PEPE stands out as the sole meme coin to experience a rise in social media discussions during this timeframe. In contrast, currencies such as Dogecoin have seen their discussion metrics decline to three-year lows. This increase in social media activity may be a key factor driving PEPE’s price recovery.
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When investors show interest in a coin, they frequently engage in discussions on social media. These conversations can influence the coin’s price based on the prevailing bullish or bearish sentiment. In this instance, the rise in discussions corresponds with the price increase, suggesting a heightened level of bullish sentiment surrounding PEPE.
PEPE recorded a double-digit increase during this week’s rally, reaching a local peak of $0.00000075 on Wednesday. This peak represented one of its highest points in September 2023. Although the rally has lost some momentum, the meme coin has managed to retain a substantial portion of its gains.
On the weekly chart, PEPE’s price has surged by over 16%, accompanied by a remarkable 92% increase in daily trading volume over the past 24 hours. This rise in trading volume indicates growing investor interest, suggesting the potential for the rally to persist once a correction reaches its bottom.
However, amid the prevailing bearish sentiment that continues to affect much of the crypto market, the sustainability of this rally remains in question. The primary challenge is to establish support above $0.00000071. Failing to achieve this could lead to the erosion of this week’s gains by the weekend, highlighting the precarious nature of crypto markets during turbulent periods.
The post PEPE Token’s Remarkable Recovery Amidst Crypto Market Turmoil appeared first on BitcoinWorld.
