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Will PEPE continue to meet in June? – TradingView News
What is PEPE?
PEPE, an Ethereum-based meme coin launched in April 2023, quickly made a significant impact despite the anonymity of its creators. PEPE began trading on April 15, 2023, at a price close to US$0.00000000. Just two weeks after its launch, PEPE entered the top 100 cryptocurrencies by market cap, currently ranked 70th. Source: IntoTheBlock
Since its inception, PEPE’s market capitalization surpassed $1 billion in just 20 days, reflecting an impressive 7,000% increase in value in 17 days. This extraordinary rise has left a notable mark on the meme cryptocurrency industry.
The risk-based token recently secured its top spot as the most profitable meme coin. It remains to be seen whether the current rally will end in a major crush. However, several indicators suggest a series of upcoming events for PEPE in June.
PEPE price history
PEPE coin employs a deflationary mechanism, burning a small percentage of tokens in each transaction to create scarcity and potentially increase the value of remaining tokens over time. Source: IntoTheBlock
It uses a redistribution system where a portion of each transaction is shared among existing token holders, promoting user engagement and long-term investment.
The PEPE price underwent significant fluctuations in a matter of 24 hours, including increases of more than 40% and sharp drops. The most notable slowdown occurred in January 2024, when the currency lost almost half of its value. Source: IntoTheBlock
However, it embarked on a notable bull run in March, followed by a correction in March and April, and then gained momentum in May, defying the general crypto market trend.
The rally began in late April, gaining momentum after PEPE surpassed the daily MA 50 at $0.000073. On May 27, the price reached an all-time high of $0.00001725, marking an impressive 88% increase since the SEC approved Ether ETF filings on May 20.
The frog-themed coin has been good to its holders over the past month. Currently, 91.59% of PEPE addresses, representing 227,990 holders, are profitable. Furthermore, 5.32% of addresses, or 13,250 holders, are in balance with the current price around $0.0000144 per token.
At the end of May 2024, the chart shows what appears to be a correction on a monthly scale. Whether the recovery will continue into June remains the biggest question.
PEPE Price Prediction
Pepe is now ranked as the 28th cryptocurrency by market cap on CoinGecko and has secured 20th place on CoinMarketCap with a current market capitalization of $6.16 billion as of June 1.
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Source: IntoTheBlock
Last month, PEPE rose 107%, outperforming the general market and the average meme coin. This performance pushed PEPE above its 50-, 100- and 200-day EMAs, highlighting its strong uptrend.
If we look at the relationship between PEPE’s market value and realized price, we can guess the potential “true” value of PEPE. Source: IntoTheBlock
Despite their impressive gains, meme coins, including PEPE, are notoriously volatile. Many analysts predict a further price correction is likely. For example, Ali Martinez noticed bearish signs, pointing out that PEPE’s daily RSI surpassed 70, an overbought level that often precedes price corrections or consolidations.
.@TheRoaringKitty’s return has the crypto community excited about #memecoins! While some #altcoins may prosper, others may not. $PEPE, in particular, appears poised for a pullback.
TD Sequential shows two sell signals on the 3-day #PEPE chart: an aggressive 13 and a green nine… pic.twitter.com/9spYZnQ1LO— Ali (@ali_charts) May 16, 2024
Source: X
When the average RSI value exceeds 70, the risk of a sell-off increases. However, it is important to note that the market can remain overbought for long periods, with prices continuing to rise.
According to the RSI heatmap, PEPE is currently at the “strong” level, with a potential “sell” signal. IntoTheBlock data also indicates bearish sentiment as June approaches.
Source: IntoTheBlock
Another important indicator is the historical correlation with the price of BTC. As shown in the chart below, PEPE has seen a mostly negative correlation with Bitcoin and Ethereum within a year of its launch.
The probability of Ethereum and Bitcoin rallies remains high in June, which raises the question of whether PEPE’s trajectory will change course in the coming weeks.
In any case, PEPE is considered one of the most volatile currencies on the market. Being a typical high-yield asset, its price is extremely speculative, with no fundamentals to observe. With this in mind, the beginning of June will be an important moment for PEPE’s foreseeable future.