In this piece, let’s take a closer look at what’s happening with the meme-inspired cryptocurrency Pepe (PEPE) amidst a notable upswing in the crypto market. Bitcoin (BTC) is stealing the show, reaching heights of $63,000, flirting with its highest ever value. This surge isn’t just about Bitcoin though; it’s also giving a boost to meme coins such as Pepe. We had already predicted that PEPE could be one of the three coins that could make you millionaire in 2024 in ths article. We’ll delve into why Pepe is on the rise and explore predictions from experts regarding its future trajectory. Let’s take a look at this PEPE price prediction in more detail.
As of today, Pepe Coin is trading at around $0.000006319, and it’s been quite active with a trading volume of $2.78 billion over the last 24 hours. Its total market value sits at about $2.64 billion, making up roughly 0.11% of the entire cryptocurrency market. Impressively, the price of PEPE has surged by 49.36% in just one day!
Investor sentiment regarding the future price of Pepe Coin is currently optimistic, with many feeling bullish about its potential. The Fear & Greed Index, which measures market sentiment, is showing a score of 82, indicating that investors are experiencing extreme greed, likely due to the recent price surge.
In terms of supply, there are currently 420.69 trillion PEPE tokens circulating in the market out of a total maximum supply of 420.69 trillion PEPE.
—> Read more about Shiba Inu Vs PEPE Coin: Most Profitable Memecoin To Buy In The Bull Run? here <—
PEPE Price Prediction: Why is the PEPE Price Up?
PEPE has been riding high lately, all thanks to Binance’s exciting new promotion that’s really caught everyone’s attention. They’ve dangled some pretty tempting rewards, and it’s drawn a big crowd of investors.
Since Binance dropped the news, PEPE’s price has shot up an impressive 368% in the last seven days. It’s smashed through some tough barriers like they’re nothing.
But, you know how it goes in the world of trading—what goes up must eventually come down. Some traders are starting to feel like PEPE might have surged a bit too quickly. They’re thinking maybe it’s time for a breather.
If things do start to calm down, there’s a chance PEPE could stabilize around the $0.0000062 mark. Let’s keep our fingers crossed, huh? That could set the stage for its next exciting move upwards.
PEPE Price Prediction: Can PEPE Surge to $1 This Week?
While the recent surge in PEPE’s price, with a remarkable increase of 50.96% in the last 24 hours, is undoubtedly impressive, reaching $1 this week seems highly unlikely. Despite trading above the 200-day simple moving average and experiencing 19 green days out of the last 30 (accounting for 63% of the time frame), the current price of $0.000006313 presents a significant gap from the $1 mark.
The price gap refers to the disparity between the current price of PEPE, which stands at $0.000006313, and the target price of $1. This gap highlights the substantial difference that would need to be overcome for PEPE to reach the $1 mark. In this case, the gap is massive, representing an increase of over 15,800,000% from the current price to reach $1.
Such a monumental leap in price within a short timeframe like a week would require an extraordinary surge in demand and buying pressure. Achieving this level of appreciation would necessitate a significant influx of capital into the market, driving up the price rapidly.
However, given the historical volatility and unpredictability of cryptocurrency markets, such a massive price jump is highly improbable in the span of a single week. Additionally, reaching $1 would imply a market capitalization for PEPE that may not be realistic or sustainable based on its current fundamentals and market conditions.
Therefore, the price gap underscores the considerable challenge of achieving such a lofty price target within the specified timeframe.
Achieving such a substantial price milestone within a week would necessitate an unprecedented and sustained bullish momentum that seems improbable given the current market dynamics.
Additionally, while PEPE boasts high liquidity based on its market cap, the sheer magnitude of the price jump required to reach $1 in such a short time frame would likely encounter considerable resistance levels and profit-taking from investors, potentially slowing down the ascent. Therefore, while PEPE’s recent performance is noteworthy, a surge to $1 within the week appears more speculative than realistic.
Where to Buy PEPE?
For individuals eager to enter the cryptocurrency market, Bitget emerges as a reliable platform. Offering low fees, a user-friendly interface, and a straightforward onboarding process, Bitget provides a convenient experience for both novice and seasoned traders. Whether you are an experienced investor or a newcomer, Bitget offers a streamlined avenue to buy and trade cryptocurrencies in the dynamic and rapidly evolving market.