Pepe Price Prediction as PEPE Hits ATH – Time to Buy?
PEPE hit an all-time high (ATH) of $0.058518 in the early hours UTC today.
The third largest meme coin by market capitalization has since pulled back by about 15% and changes hands at $0.057456 as of this writing.
PEPE has had a monumental month. In the last thirty days it ballooned 723.7%.
These gains were spread throughout the whole month, with the last fortnight adding 533.1% and the last seven days accounting for a price appreciation of 248.3%.
The only other meme coin among the largest by market capitalization that rallied harder in the last seven days was Shiba Inu (SHIB). Shib rallied 281.1% to trade at $0.00003991 currently.
Broadly speaking, this month’s rally of the meme coins was carried off the back of a marketwide rally.
Bitcoin rose 56% in the last 30 days, while Ethereum rose 61% over the same period.
That meme coins were pumping harder indicates just how popular crypto is getting again now that investors are willing to take riskier positions and bet on tokens with little-to-no underlying utility except as a theoretical store of value.
A glance at PEPE’s chart over the last three months shows that the explosive price action began at the end of February.
There have since been frequent cup-and-handle patterns skywards, indicating a very bullish cycle of buying followed by periods of market consolidation.
PEPE has a Relative Strength Index (RSI) of 53, which means the market has priced its value in well at this point.
It also suggests there’s room for further rallies so long as Bitcoin and Ethereum can continue sustaining mainstream demand through the upcoming Bitcoin halving and Ethereum ETF industry milestones.
With mouth-watering rallies all month long, it’s a valid question whether meme coins are worth investing in.
