Bitrabo Editorial
PEPE coin has experienced its best day in the last few weeks by trading in green. This sudden recovery is surprising as the hype around meme coins had died down about two weeks ago. Nevertheless, it could indicate a possible recovery and the return of the sought-out ‘meme season.’
PEPE Records 15% Gains in a Day
PEPE ranks among the best performers in the last 24 hours by registering an impressive 15% rally. The price jump saw it go from $0.00000098 to $0.0000012 within hours. This recovery marks the coin’s highest single-day jump since May 23.
PEPE had been consistently trending downwards for the past three weeks, causing its value to trade below 60% of its all-time high value. Despite the rally cooling off and the coin starting to correct itself downward, it’s still holding onto most of Tuesday’s gains.
PEPE is currently the second highest gainer in 24 hours, just behind Stacks (STX), which rose over 21% during the same time frame. The coin’s trading volume has also increased significantly, reaching $287.4 million, suggesting a rise in buying pressure.
PEPE is the second-highest top gainer | Source: Coinmarketcap
PEPE’s market cap has gone back up to $437 million after the recent price increase, making it the 87th largest cryptocurrency. However, the coin is still seeing losses on the weekly chart as it’s down by 10.92% in the last seven days.
Is Meme Coin Season Returning?
Despite PEPE’s impressive recovery, there are no indications that the meme coin season is returning yet. Other meme coins have maintained their low momentum and are still seeing losses. For instance, Dogecoin (DOGE), while up in the last 24 hours, has only gained 1.7%. Its rival, Shiba Inu (SHIB), is still experiencing losses and is down 1.3% in the last 24 hours and 6.8% in the last 7 days. The same goes for Floki Inu (FLOKI) and Baby Doge Coin (BABYDOGE), which continue to bleed both on the daily and weekly charts.
PEPE recovers above $0.00000112 | Source: PEPEUSD on TradingView.com
PEPE’s recovery appears to be isolated for now and may remain that way in the near future. Moreover, the recovery may not last, and the meme coin could fall back into the bearish trend of the market. If this occurs, then the gains of the past day could be wiped out in the coming days.
Nevertheless, PEPE is still experiencing a good bullish push as it is currently trading at $0.00000112 as of writing.