PEPE may reach its all-time high as its price jumps 33% in 5 days
Pepe [PEPE] is on an unstoppable journey, reaching new peak prices repeatedly in recent times, and it has ascended to yet another pinnacle.
The series of record-breaking highs has also sparked an uptick in interest and trading volumes for this particular memecoin.
Another Peak for Pepe
Analysis from AMBCrypto concerning Pepe [PEPE] on a daily time frame has showcased its strongest performance to date.
The analysis highlighted a consistent pattern of hitting a new all-time high (ATH), quickly followed by the achievement of another ATH in nearly the next trading session.
With the use of the price range tool, it was observed that PEPE experienced a surge of over 33% from May 21st to the present moment.
As of the latest updates, it is trading with an increase of over 1% at an approximate value of $0.000015, setting yet another ATH.
The Relative Strength Index (RSI) also illustrates a dominant bullish trend, with a score over 75, indicating not only bullish momentum but also overbought conditions, alongside a noticeable uptick in its demand recently.
Expansion of Pepe Holders and Trading Activity
From May 15th to the current date, the count of Pepe holders has increased by more than 12,000.
An examination by AMBCrypto of the total holder count showed that on May 15th, there were about 218,000 holders.
Now, this number has escalated to over 230,000, showcasing a substantial growth in the memecoin's demand as more traders join the fray.
Furthermore, trading volume has seen a noticeable upswing recently. The volume has consistently exceeded $2 billion, hitting a zenith of over $4 billion on May 22nd.
At the current moment, the trading volume stands at over $1.5 billion, positioning Pepe on the brink of reaching another all-time high (ATH).
Rising Interest in Pepe
There's been a noticeable upward trend in Pepe’s Open Interest. Reports from Coinglass have shown it reached close to $160 million recently.
A recent peak climbed to over $163.5 million, the highest ever recorded for the memecoin. This surge in Open Interest reflects a significant cash inflow into the memecoin market currently.
This rising interest and cash inflow are likely due to increasing demand for the coin, potentially propelling its price further.
Such cash inflow underscores growing investor enthusiasm and belief in the memecoin’s market potential.
