PEPE Volume Skyrockets 51%, But There's a Catch
2024-10-21

PEPE, the frog-themed meme coin, is riding the broader bullish wave on the market today. Per data from CoinMarketCap, PEPE has rallied by 2.7% in 24 hours to $0.00001038. However, as of writing time, the token has reduced its rally over the week after paring off its gain with a 0.9% slump. The contrasting outlook plunges PEPE into a very unique growth stance.
Insight from PEPE's volume
On-chain data shows a massive uptick in PEPE’s 24-hour trading volume. CoinMarketCap’s data pegs this metric at $742.55 million, up by 51% within this period. With this bullish metric, it becomes evident that PEPE has generated a massive interest among investors overall.
However, the major catch lies in its mildly sliding price growth. Despite the 24-hour surge, the token is down on the weekly front, a trend which, if sustained, might grow and trigger a reversal in the price of PEPE to add another zero.
Other PEPE metrics do not promise to avert the former projection of a likely price drawdown. PEPE whales, for instance, have yet to buy the token. IntoTheBlock data shows this metric is down 16.44%, with only $42 million bought in 24 hours.
This outlook, including the PEPE Open Interest shift, shows that one metric might need to properly describe or showcase what comes next for an asset, including PEPE.
Which is too soon - PEPE rally or sell-off?
With the $0.00001 price coming off as psychologically important, many are watching whether a surge or fall is imminent for PEPE.
The token is about 39% away from its all-time high (ATH) of $0.00001718 and presents two possibilities. It could continue soaring, riding on the "Uptober" rally sentiment to finally breach the $0.00005 level in the midterm. However, if PEPE cannot retain the volume boost and other mildly positive metrics, it might fall below the dreaded price market.
Overall, the PEPE community remains positive that brighter days for the token lie ahead beyond October.