The popular third-largest crypto meme coin Pepe (PEPE) is making waves, outperforming major cryptocurrencies on December 10, 2024, with its impressive performance going against market trends.
According to Coingecko data, the meme coin PEPE's market capitalization has surpassed $11 billion, currently reported at $11.174 billion, hitting a new high and surpassing Uniswap (UNI) at $10.792 billion, making it the 23rd largest cryptocurrency by market capitalization globally.
Current Price Momentum of PEPE
As of the time of writing, PEPE's trading price has steadily climbed to $0.00002725, with an increase of over 3.50% in the past 24 hours. Meanwhile, its trading volume has also surged by 16%, indicating that traders and investors are regaining enthusiasm, significantly improving compared to the previous day. However, this moderate rise coincides with a challenging time for most mainstream cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), which are all seeking breakthroughs with weak momentum.
In the current market environment, PEPE's performance is particularly noteworthy. Despite the overall sluggishness of the cryptocurrency market, it is rising against the trend and has become the focus of investors' attention. What exactly is driving PEPE's rebound? Will it maintain this momentum, or is it just a temporary market fluctuation? We will continue to monitor this rising star's movements, so stay tuned for updates!
PEPE Technical Analysis
With recent price surges, PEPE has reached a critical level of $0.00002750, making it a make-or-break situation for this meme coin. According to CoinPedia's technical analysis, if PEPE's four-hour candlestick closes above $0.00002750, it is likely to surge 30% to $0.000036 in the coming days.
On the other hand, if PEPE fails to hold above the $0.000024 level, this bullish argument may become invalid. PEPE's Relative Strength Index (RSI) indicates that an upward rebound may occur in the coming days, as it is still below the overbought zone.
Significant Capital Outflow
In addition to technical analysis, on-chain analytics company Coinglass reports that whales and investors seem to be offloading their holdings on exchanges. PEPE's spot inflow/outflow data shows significant capital outflow from exchanges over the past two days.
