Amidst whales and social media frenzy, PEPE hits a 30-day high

• PEPE cryptocurrency has surged 10% in 24 hours, reaching a fortnight peak.
• Large-scale PEPE transactions have increased by 50% daily, indicating investor interest.
• PEPE’s overbought status suggests a potential market correction, caution is advised.

PEPE bulls have dominated in the last 24 hours, driving the price to a fortnight peak of $0.000001345. This surge aligns with a heightened discourse on social media and a flurry of actions from larger investors, often referred to as “whales.” The escalating social media chatter and involvement from these larger investors suggest an increasing interest and confidence in PEPE .

PEPE’s Growth Fueled by Whales and Social Media Buzz

The meme cryptocurrency, presently valued at $0.00000129, has experienced a 10% surge in the past 24 hours. Concurrently, the market cap has expanded by more than 11% to an estimated $540 million, and the trading volume has escalated by 59.19% to reach $187.49 million within the same 24-hour period.

Although PEPE has experienced a significant decrease of 69% from its peak value in May, its 30-day run has witnessed an impressive 89% increase, reflecting the overall positive trend in the cryptocurrency market. Market intelligence platform Santiment has noted a substantial 105% surge in Pepe’s social volume. Discussions about PEPE are abundant on platforms such as X (formerly Twitter), Telegram, and Reddit, demonstrating a shared excitement that could potentially drive the token’s value.

Furthermore, large-scale transactions of PEPE, valued over $100,000, have seen a 50% increase on a daily basis. This surge suggests an escalating interest from major investors in the cryptocurrency market. Notably, active PEPE deposits into exchanges have decreased by 33.8% since November 6, implying that investors expect a further price increase before they decide to sell their assets.

The divergence metric for PEPE price-daily active addresses (DAA) currently sits at a positive 5.8%. As per Santiment’s analysis, a rising trend in this particular indicator typically signifies a robust ‘buy’ sentiment in the market.

Prominent figures within the cryptocurrency sphere are paying attention as well. Glauber Contessoto, a well-known millionaire from Dogecoin investments, recently included PEPE in his list of top ten cryptocurrencies to monitor. This recognition could potentially intensify the existing interest in PEPE.

PEPE/USD Technical Analysis

The PEPEUSD 4-hour price chart reveals a positive Chaikin Money Flow (CMF) of 0.14, suggesting a prevailing buying pressure in the market. This CMF trend indicates a higher buying volume over selling, potentially driving up the PEPEUSD price. However, a downward shift in the CMF, moving into the negative zone, could signal a market sentiment shift and possible selling pressure.

The Relative Strength Index (RSI) for PEPEUSD currently stands at 70.97, suggesting that the asset is overbought and could be nearing a reversal point. Consequently, market participants, including traders and investors, are advised to proceed with caution. This elevated RSI value could indicate a potential market pullback or correction.

Ultimately, the recent increase in PEPE’s value, driven by large investors and social media attention, indicates rising interest. However, caution is advised due to potential market correction resulting from over-purchased conditions.