PEPE coin traded flat on Friday at 0.00000777 to remain in an upward trajectory that started on April 18. The meme coin has had a scintillating run in the last week, with the price rising by 30.5% as of this writing. Furthermore, it is up by more than 40% in the last month.
PEPE riding on meme coin frenzy
Meme coins have performed better than other coins in recent days and have carried that momentum post-halving. For context, while PEPE has risen by the aforementioned double digit figures, the crypto market bellwether, Bitcoin has lost 0.96% in the last week and is down by 9.69% in the last month. While meme coins have been criticized for lack of real utility, they have proven their ability to deliver large ROIs within short time spans.
For PEPE coin in particular, its recent gains have seen it draw comparisons between with Shiba Inu, which made some investors millionaires out of sub-$100 investments in the 2020-2021 crypto market bull run. Therefore, as other coins wait for signals from Bitcoin, meme coins have the upper hand in that their strength lies in their weakness- the lack of “real” utility. These coins have loyal communities that can pump up prices several fold with little reason other than “for the fun of it”. This gives them an edge built on their unique ability to defy the market sentiment.
Furthermore, meme coins are never left behind during a market rally. Therefore, PEPE holders can still expect further gains even if the halving event triggers a rally in the coming weeks. PEPE’s trading volume is up by 10.2% in the last 24 hours, signaling a potential for a profitable day for holders.
Technical analysis
The momentum on PEPE coin price favours the upside, but the buyers will need to keep the price above the 0.0000076 to sustain the upside. However, they will meet resistance at 0.0000078, but a continuation of control by the buyers could break the resistance test 0.0000080. Alternatively, a move below 0.0000076 will favour the sellers to be in control. That could see them break the support at 0.0000073 in extension and potentially test 0.0000071.
