- Cryptocurrency Pepe experienced a sudden 13% increase in value in 24 hours.
- Trading volume of Pepe coin surged by 536% during the same period.
- Pepe coin’s resilience sparked interest following a bearish month with a 36% drop.
In an unexpected development, the cryptocurrency Pepe
Pepe coin followers are rejoicing over the upward trajectory, hoping for a longer-lasting bullish trend. However, the crypto market experts and speculators have differing views. Some propose this increase may be due to a short squeeze, while others contend it could be a temporary recovery or a dead cat bounce.
Bullish Trend or Short Squeeze?
The recent performance of Pepe has sparked interest due to the coin’s resilience following a bearish month, where it experienced a 36% drop. This decrease resulted from disconcerting news surfacing on August 24, 2023. The memecoin community was shaken by transactions involving the project’s multisig wallet. A staggering 16 trillion PEPE tokens, equivalent to roughly 15 million USD, were moved from the wallet to several cryptocurrency exchanges, including OKX, Binance, Kucoin, and Bybit.
Additionally, a fortnight ago, the team behind Pepe made a disclosure. They announced that the previous Telegram channel linked with $PEPE had been breached and was no longer in their possession. The account “lordkeklol” had been violated and exploited to propagate fraudulent activities, mislead individuals, and introduce other cryptocurrencies.
A review of the daily price chart for Pepe offers further understanding. Currently, the 9-day exponential moving average (EMA) is positioned beneath the trading price of $0.0000006935. Moreover, the daily relative strength index (RSI) is 41, suggesting the market may be nearing an oversold condition.
