PEPE Attempts Market Rebound, Surges By 28% In 24 Hours
13 Maio 2023 - 5:56AM
NEWSBTC
Popular memecoin PEPE is currently soaring as it attempts to pull
off a market recovery. In a week marred by losses of varying sizes,
the hottest coin of the meme season was not exempted, losing 46.1%
of its market value within this period. The past week was quite
bearish for the entire market as the total crypto market cap
dropped by $64 billion to a current value of $1.170 trillion.
Bitcoin, the market leader, did share most of the headlines with
PEPE, as its market price crashed by almost 9% to trade below
$27,000 for the first time since March. Although the CPI
announcement on Wednesday did provide some boost to the premier
cryptocurrency, it could not match the momentum of the market bears
as Bitcoin currently trades around $26,815. However, PEPE, on the
other hand, seems to have found support and has re-embarked on its
bullish course. Related Reading: Dogecoin Expected To
Experience A Further 6% Decrease Prior to Initiating Recovery PEPE
Notches 28% Gain, Emerges Biggest Daily Gainer According to data
from Coingecko, PEPE has surged by 28% in the last 24 hours,
emerging as the biggest market gainer within this period. Having
been on a steady decline all week, this recent price rise has
provided some relief for PEPE investors who thought the meme token
was well on its way down. Although there is no guarantee that PEPE
could be on its way to pulling off another stunning market
performance, its resilience may just set it apart from most
short-lived meme coins joining the likes of the prominent Dogecoin
(DOGE) and Shiba Inu (SHIB) tokens. In general, PEPE remains the
best-performing token of the moment, gaining by over 405% in the
last 14 days and over 2,331% since its launch on April 17. In this
period, the meme token has also made much progress in the industry
with listings on over 30 exchanges, including Binance, Huobi, OKX,
KuCoin etc. At the time of writing, PEPE is trading around
$0.0000158, with a 2% increase in the last hour. The token’s daily
trading volume is also up by 151.92%, valued at $934.45 million.
However, PEPE remains 62% away from its all-time value of
0.00000431, which was attained just seven days ago. PEPE
trading at $0.00000158 | Source: PEPEUSD Chart on Tradingview.com
Related Reading: Cosmos (ATOM) Shows Price Recovery In Response To
New Update Reveal Meme Tokens Criticism Continues Amidst the
massive traction associated with the meme season, criticisms of
these meme-inspired cryptocurrencies have not dwindled. In one of
the latest hits, popular crypto analyst Benjamin Cowen, with over
700,000 Twitter followers, tweeted that meme coins existed solely
to “make the founders rich”. He further referred to the “strong
community” narrative as “garbage”, stating that most meme coins
were launched by the same people, “just pumping and dumping until
it no longer is profitable”. While they may be quite capable of
generating stupendous profits, meme coins seem set to suffer
continuous criticism over their lack of utility. These tokens are
based on internet memes, driven only by the user community and
celebrity engagements. Therefore, most meme coins are
short-lived, “predestined” to rise, crash and burn, albeit with
very few exceptions. -Featured Image: BTCC, chart from
TradingView
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