Popular memecoin PEPE coin has seen a notable price surge, knocking off a zero from its value amid the broader market recovery.
This rally has propelled 36.95 trillion PEPE tokens into profit. According to data from analytics platform IntoTheBlock, this accounts for 56.6% of total holders.
PEPE Coin Profitability Showcased
At its current price of $0.00001054, PEPE has gained 7% in the last 24 hours, fueling optimism among investors.
The In and out of the Money indicator around the price, a total of 28.05 trillion PEPE are now out of the money. The data amounts to 42.96% of current PEPE in circulation.
Meanwhile, only 0.44% of the PEPE tokens, or 289.38 billion, are at breakeven. This move presents a growing bullish trend as the broader crypto market rebounds.
Per its historical trend, PEPE has a massive sellwall around the $0.000018 price market. Per the IntoTheBlock, 33,130 addresses acquired over 100 trillion PEPE at this level.
With PEPE coin maintaining a 30-day high price of $0.00002098, the threat of facing rejection remains low. However, this is hinged on the broader market sentiment.
The Threat to PEPE: Competition from Rivals
While PEPE price is enjoying a mild rally, competition from other memecoins is diminishing its hype.
According to market data, rivals like Dogecoin (DOGE) continue to lead the pack. DOGE was changing hands for $0.2505, down 1.10% in the past 24 hours. Shiba Inu (SHIB) has dropped by 1.84%, and currently trading at $0.00001553.
Meanwhile, Trump (TRUMP) has dropped 4.09% to $15.40, drawing attention as a rising competitor in the memecoin space.
Interestingly, apart from the official Trump memecoin, all major memecoins above rank higher than PEPE in market position. Notably, they have more fundamentals than just their speculative branding, fueling another reason investors embrace them.
Market watchers now ponder whether PEPE’s ongoing rally can shift market sentiment and propel it further up the rankings.
PEPE Price Forecast: A $0.00002 Play?
With PEPE maintaining strong bullish momentum, analysts are eyeing the subsequent key price level. A break above $0.000012 could open the door for a rally toward $0.00002 in the coming weeks.
Investor sentiment remains hopeful, but caution is warranted, as memecoins are highly volatile.
Nonetheless, if PEPE sustains its upward trend and buying pressure remains strong, a retest of higher resistance levels could be imminent. However, potential market corrections and rising competition, as noted, pose headwinds on its growth path.
Another factor that could propel PEPE prices higher is ETF-driven market sentiment. If ETFs trigger more hype from investors in the coming days, PEPE could see an extended rally alongside the broader meme coin sector.
It is worth noting that PEPE has no ETF product trading its price for now. However, it benefits from its rivals like DOGE and TRUMP with active ETF applications.
For now, PEPE holders are enjoying profits, but its ability to sustain momentum will depend on broader market trends and investor confidence.
Last month, PEPE was listed on the Japanese exchange BitFlyer, marking a significant milestone in its push for global expansion. This listing further strengthens the frog-themed memecoin’s presence in international markets.
