🌎 Pepe Coin Price Jumps 50% | Global Crypto News

Pepe Coin Price Sees Strong Recovery, Jumps by 50% from Monthly Low

Pepe, the third-largest meme coin in the cryptocurrency market, has made a strong recovery after reaching a monthly low of $0.0000144 in December. The token surged to a high of $0.00002175, its highest level since December 18, marking a 50% increase from its December low.

Alignment with Broader Meme Coin Recovery

This rebound is in line with the broader recovery seen in meme coins. Dogecoin, the largest meme coin, has experienced a surge of over 20% in the last seven days. Other meme coins such as ai16z, Fartcoin, and SPX6900 have also seen significant increases of more than 50%. As a result, the total market capitalization of all cryptocurrencies has risen to over $125 billion.

Signs of Accumulation

In addition to its price surge, Pepe has shown signs of accumulation. According to data from Nansen, the total number of tokens held on exchanges has decreased by 0.70% over the past week to 235.85 trillion. This decrease has led to a retreat in the total supply on exchanges to 56%.

Risk of Declining Smart Money Participation

However, a significant risk remains due to declining smart money participation in Pepe. Nansen data reveals that the number of smart money holders has decreased from 107 in November to 87 today. The number of tokens held by these investors has also fallen, reaching a low of 6.9 trillion tokens, the lowest level since January last year.

One possible reason for this decline is that many meme coin investors have begun diversifying into other tokens. Furthermore, the increasing number of meme coins, with newer projects gaining market share, may also be contributing to this trend.

Pepe Coin Price Analysis

The daily chart shows that Pepe bottomed at $0.0000144 in December, forming a hammer candlestick pattern. This pattern is often seen as a reliable reversal signal and was significant as it formed part of a break-and-retest setup.

Pepe has also remained above the 50-day and 200-day Exponential Moving Averages, which is considered a positive sign. Additionally, the token is crossing the weak stop-and-reverse point on the Murrey Math Lines indicator.

Key Takeaways:

Pepe coin price has surged by 50% from its monthly low.
The token’s recovery aligns with the broader meme coin market.
Signs of accumulation are present, with a decrease in the total number of tokens held on exchanges.
Declining smart money participation remains a risk.
The token is expected to continue rising, targeting its all-time high of $0.00002840.