PEPE has been a phenomenal price gainer in the last 7 days. Its price has increased by 74% in the last week alone. However, it is now in a consolidation phase.

We have done a brief analysis of PEPE, its origin, its project details, and if there is any opportunity to make some profits in the near future.

About The Project

PEPE is a meme coin launched on April 16, 2023, as an ERC-20 token on the Ethereum Blockchain. The token has been modeled after the PEPE memes in which a frog represents a novice trader.

The meme is often used to share knowledge about crypto best practices in the Web3 community. As of now, the founders of PEPE are anonymous.

Decoding Price Rise

The coin used CoinMarketCap listing followed by Twitter trending and finally listing on top-level exchanges to gain price rapidly.

PEPE’s launch price was 0.0000030 (as per Binance), which quickly rose to 0.0000038 within the first 24 hours of launch, registering a gain of more than 20%. Its highest market cap ever was $1.6 billion, as reported on CoinMarketCap.

However, prices fell after that, which led to a bottom of $0.0000011 and a price erosion of more than 65%. Since then, PEPE has retouched $0.000002 and has been hovering around the price of $0.000001.

The current price gain of about 75% has been since the last 4 days, starting on June 19, 2023.

Technical Analysis

Though there is not much technical data on PEPE, as it has recently been launched on April 16, 2023, we have used hourly charts to analyze trends and explore future possibilities.

The current technical indicators show that the PEPE price has reached a new resistance of $0.00000167, from which prices have retreated a little and are now trading at $0.00000154.

  • We can observe that RSI has been declining, which is a sign of bearishness in the prices.

  • MACD is showing a negative crossover.

  • Trading volumes have declined consistently.

Overall it would be a bad choice to invest as per technical charts.

Conclusion: Possible Bull Trap

The rise can currently be associated with the recovery in crypto markets. However, there seems to be some price manipulation because if we see the volume, there has been a spike in recent volumes that were negligent earlier.

The best would be to stay away from the meme coin, at least until there are some audits done on it from trusted firms like Certik.