Wondering if Pepe, the meme-inspired cryptocurrency, will hit the $1 mark? Dive into our latest analysis where we break down market trends and what the future might hold for PEPE. Let's take a look at this PEPE Price prediction article in more detail.
How has the PEPE Price Moved Recently?
Pepe Coin is currently priced at $0.00001170, with a 24-hour trading volume of $2.06 billion and a market cap of $4.92 billion, holding a market dominance of 0.21%. Over the past 24 hours, the PEPE price has surged by 23.22%.
Pepe Coin hit its peak price of $0.00001717 on May 27, 2024, while its lowest price was $0.000000001057 on April 14, 2023. Since reaching its all-time high, the lowest price recorded was $0.00007734, and the highest price since this cycle low was $0.00001253. The current sentiment for Pepe Coin is bullish, with the Fear & Greed Index at 65, indicating greed. Pepe Coin has a circulating supply of 420.69 trillion PEPE, which is also its maximum supply.
Why is PEPE Price UP?
The recent surge in PEPE's price could be due to the U.S. SEC's "preliminary approval" of spot ETH ETFs. Pepe, a highly reactive meme coin on the Ethereum blockchain, previously saw a 56% price jump when spot Ethereum ETF 19-4b applications were approved. With ETF trading set to commence on July 23, PEPE's upward momentum might persist.
The recent rise in PEPE's price could be partially attributed to the growing acceptance and positive sentiment around cryptocurrencies, fueled by influential figures like Larry Fink, CEO of BlackRock. In a recent CNBC appearance, Fink expressed his strong belief in Bitcoin's role in investment portfolios, highlighting its legitimacy and diversification benefits. Fink, once a skeptic, now sees Bitcoin as "digital gold" with the potential to offer uncorrelated returns and protect investors from currency debasement.
This endorsement from the head of the world's largest asset management firm may have bolstered confidence in the broader cryptocurrency market, including meme coins like PEPE, leading to its price surge. As Bitcoin gains recognition and validation from mainstream financial leaders, it positively impacts the entire crypto ecosystem, suggesting that PEPE's upward trend might continue in this favorable environment.
Pepe Price Prediction: Will PEPE Reach $1?
While PEPE has shown impressive growth, with a 654% increase in the last year and outperforming 94% of the top 100 crypto assets, reaching $1 soon seems highly improbable. Despite its notable performance, even surpassing Bitcoin and Ethereum in gains, PEPE's current price of $0.00001170 indicates it would require an exponential increase to reach $1.
Several factors contribute to its recent upward trajectory. The coin is trading above the 200-day simple moving average, indicating a bullish long-term trend. Additionally, PEPE has high liquidity relative to its market cap, suggesting strong investor interest and the ability to handle large transactions without significant price swings. The backing from influential financial figures and positive sentiment in the broader cryptocurrency market, particularly due to endorsements like Larry Fink’s, has also bolstered its price.
However, the volatility of PEPE cannot be ignored. Despite its gains, PEPE has had only 13 green days in the last 30 (43%), indicating a considerable amount of fluctuation. The upcoming ETF trading starting on July 23 could further impact its price, potentially driving it higher. Yet, reaching $1 would require an unprecedented and sustained rally, far beyond its current growth patterns.
While PEPE is on a bullish path and has outperformed major cryptocurrencies, the prediction that it will reach $1 soon is overly optimistic given its current valuation and market dynamics.
