In a surprising turn of events, the PEPE token has emerged as one of the crypto market’s top performers over the past week. This resurgence comes after a prolonged decline that saw the meme coin plummet nearly 90% below its June 2023 all-time high. The sudden reversal has astonished and intrigued the market, especially given the broader crypto market’s recent struggles.
Let’s delve into the social discussions surrounding this unique token to decipher why PEPE’s rally amidst a sea of crypto market declines. Notably, an on-chain tracker, Santiment, has released a report highlighting top meme coins’ social media discussion trends.
According to Santiment’s report, shared on social media platform X (formerly Twitter), meme coins had fallen mainly off traders’ radar, except for PEPE. The chart vividly illustrates that discussions around the PEPE meme token experienced a significant uptick during the week.
PEPE is the only meme coin whose social media discussions have risen during this period. Contrastingly, currencies like Dogecoin have witnessed their discussion metrics plummet to three-year lows. This surge in social media engagement could be the driving force behind PEPE’s price recovery.
When investors become intrigued by a coin, they often discuss it on social media. These discussions can sway the coin’s price depending on the bullish or bearish sentiment. In the current scenario, the surge in discussions aligns with the price increase, indicating a heightened level of bullish sentiment surrounding PEPE.
PEPE experienced a double-digit surge during this week’s rally, reaching a local peak of $0.00000075 on Wednesday. This peak marked one of its highest levels in September 2023. While the rally has lost momentum, the meme coin retains a significant portion of its gains.
On the weekly chart, PEPE’s price has soared by more than 16%, accompanied by an impressive 92% surge in daily trading volume over the last 24 hours. This surge in trading volume reflects a growing investor interest, hinting at the potential for the rally to continue once a correction finds its bottom.
However, amidst the prevailing bearish sentiment that still engulfs much of the crypto market, the sustainability of this rally remains uncertain. The key challenge lies in establishing support above $0.00000071. Failure to do so could result in this week’s gains being wiped out by the end of the weekend, underscoring the fragile nature of crypto markets in turbulent times.