Pepe (PEPE) faced a steep correction over the last few days. However, the memecoin seems to be rebounding with a nearly 10% rally in the daily charts. Moreover, the cryptocurrency is up by 51% over the last month and 1391% since June 2023. However, it should be noted that the frog-themed crypto has dipped 11.2% in the weekly charts and nearly 16% in the 14-day charts.
Also Read: Pepe Whale Buys $2.9 Million Worth of Coins: Rally Incoming?
The frog-themed cryptocurrency hit a high of $0.00001717 on May 27, 2024. But, prices did not hold for long. The asset has fallen by nearly 23% since its May 2024 peak. The latest rally may be because of investors expecting a positive outcome from the FOMC (Federal Open Market Committee) meeting.
Will Pepe hit a new all-time high soon?
Memecoins are having a particularly good year in 2024. Bonk (BONK), dogwifhat (WIF), Floki (FLOKI), etc., have all displayed stellar growth this year, outperforming major crypto projects, like Bitcoin (BTC) and Ethereum (ETH), in various instances.
PEPE is no different. The asset has swiftly climbed the charts and is currently the 23rd-largest project by market cap.
Also Read: Cryptocurrency: Pepe Coin Investor Makes $5.3 Million in Just 6 Months
Crypto analysis firm CoinCodex believes that the frog-themed cryptocurrency could enter a rally over the next couple of weeks. The platform’s data shows that the memecoin could hit a new all-time high of $0.00001822 on June 18, 2024. Reaching $0.00001822 would be a rise of around 38% from current price levels. Additionally, CoinCodex data shows that PEPE’s price could climb to $0.00004472 on July 10, 2024, a rally of nearly 240% from current levels.
Nonetheless, there is a possibility that PEPE will face another correction in the coming days. The frog-themed memecoin does not have a lot of utility and is subject to market volatility. Moreover, if the FOMC meeting does not go as traders hope, the asset’s price may face a steep decline.