The price of Pepe coin (PEPE) is on the rise after a week of continuous declines. PEPE has seen a 13.5% increase in the past 24 hours and is currently trading at $0.00000694. With a market cap of $2.92 billion, it is now the 35th largest digital currency.

Moreover, the meme coin has experienced a 24% surge in daily trading volume, reaching $1.14 billion. Inspired by the popular 2000s Pepe The Frog meme, Pepe token was created in April 2023. Since its inception, the asset has seen a remarkable 12,200% rally and hit an all-time high of $0.0000107 on March 14, with a market cap of $4.2 billion.

Currently, PEPE holds the position as the third-largest meme coin, following Dogecoin (DOGE) and Shiba Inu (SHIB).

According to data from Santiment, the PEPE exchange inflow decreased from 5.57 trillion tokens to 5.47 trillion tokens in the last 24 hours. However, the exchange outflow saw a slight increase and is now at 6 trillion PEPE. This suggests that investors are accumulating the meme coin rather than selling for short-term gains.

Recent data also shows that the number of daily active addresses for Pepe has been steadily increasing over the past three days, from 2,670 on April 29 to 3,249 unique wallets currently.

When the price rises alongside the number of active addresses, it often leads to lower price volatility as the risk of whale manipulation decreases. On the other hand, the PEPE Relative Strength Index (RSI) has jumped from 64 to 72, indicating signs of overheating. This suggests that PEPE is moderately overvalued, leading to higher price volatility in the current market conditions.

An RSI below the 50 mark could potentially signal a further price increase for PEPE.

It’s worth noting that losses from crypto hacks decreased by 67% to $60 million in April.

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