Pepe (PEPE) is currently one of the best-performing cryptocurrencies among the top 100 projects by market cap, registering quite a steep price rally. The memecoin has outperformed market leaders such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), etc. CoinGecko data shows that PEPE’s price has risen 14.2% in the last 24 hours and move than 25% in the last week. Let’s discuss if the memecoin can sustain its upswing or if it will face a dip once again.
Can PEPE Continue Its Price Rally And Dominate The Market?
PEPE’s price surge comes amid a larger-market wide resurgence. Bitcoin (BTC) has reclaimed the $75,000 price level and other assets are following its trajectory. The cryptocurrency market took off after President Trump hosted an event in the White House for CEOs and founders of several cryptocurrency firms. During the event, Trump stated that the US may purchase a large amount of Bitcoin (BTC) and other cryptocurrencies. PEPE’s rally is likely due to the sentiment surge following the White House event.
PEPE’s rally also comes amid a surge in demand among whale wallets. Top holders seem to be accumulating PEPE and exchange supplies are going down. Movement of coins away from exchanges is considered bullish as it reduces the chances of a sell off. Santiment data suggests that the top non-exchange addresses now hold 84.04 trillion PEPE, a near 4.5 trillion increase from a few days ago.
Also Read: Solana Jumps 12% In 1 Day: Can SOL Reclaim $100 Next?
Open interest for PEPE has also increased, adding to the bullish narrative. According to CoinGlass data, PEPE futures Open Interest has hit a three-month high of $271 million.
The data and the overarching bullish narrative from the White House event could lead to a sustained rally for PEPE. However, being a memecoin, PEPE faces risk of increased volatility. While the rally seems healthy and sustainable, there is always a chance that the asset will face a price correction as investors book profits.