Memecoins based on popular memes exemplify this trend, and Pepecoin is a good example. Pepecoin draws inspiration from the "Pepe the Frog" meme, which originally appeared in Matt Furie's comic "Boy's Club." Pepecoin’s initial market dynamics were significantly influenced by frog-themed memes spread across social platforms by its creators and supporters.

It follows in the footsteps of dog-themed meme coins like Dogecoin and Shiba Inu. Dogecoin rose to fame with the backing of billionaire Elon Musk and has a market cap of $10 billion. Shiba Inu, meanwhile, has a market cap of over $5 billion. In comparison, Pepecoin currently has a more modest market cap of around $464 million, well below its peak of $1.5 billion in May 2023.

Analyzing Pepecoin’s daily price chart

The buying demand for Pepecoin is high and the price has rebounded from the low of $0.0000014. With the resistance weakening, the bulls are currently attempting to push the memecoin price into the bullish zone. The 24-hour trading volume has surged to $46.9 million, indicating an increase in interest in today's trading activities. The price of Pepe is currently trading at $0.00000158, up more than 4.1% in the past 24 hours.

The RSI-14 trendline has surged from its previous levels and is currently trading below the overbought zone at 68 levels, suggesting that sellers are losing momentum. The SMA-14 levels suggest volatility in the coming hours.

PEPE/USDT 4-hour price chart: shorts target below EMA20

The 4-hour Pepe price chart shows that the bears’ dominance is increasing near the immediate resistance line as PEPE price faces minor selling demand. Currently, they are attempting to break below EMA20; however, the bulls remain confident in buying.

The break-even indicator is in the positive zone at 0.43, suggesting that short-term buyers are taking the opportunity to accelerate the uptrend.

Moreover, the MACD trend line formed a small bullish candle above the signal line and the indicator attempted to show positive momentum, boosting the confidence of long position holders.

What to expect from PEPE price analysis next?

The hourly price chart confirms that Pepe is attempting to break below the immediate support line; however, the bulls anticipate a further recovery rally in the coming hours. If the price of Pepe succeeds in maintaining its momentum above $0.00000167, it will fuel a bullish rally to $0.00000189.

If the bulls fail to initiate a surge, Pepe price might break below the immediate support line of $0.00000141 which could start a bearish trend to $0.00000103.

Recent News

Pepe Burns $5.5 Million: In October, Pepe destroyed 6.9 trillion tokens. The move reduced the total supply and alleviated concerns about the team's large holdings of tokens, which are currently valued at $3.72 million. New advisors have since been hired to strategize the use of remaining tokens for partnerships and marketing. This development comes after a recent incident in which several developers allegedly transferred Pepe tokens without authorization.

Pepe Rug Pull: Pepe Coin is embroiled in controversy, with claims on social media that it is a scam. An anonymous developer on the team accused three members of stealing 16 trillion tokens (about 60% of the total supply) from Pepe’s multi-signature wallet and selling them on exchanges, citing internal conflict and greed as the cause of the problem.

(Personal opinion, not a recommendation)

In the crypto industry, if you want to seize the next bull market opportunity, you need to have a high-quality circle so that everyone can keep each other warm and maintain insight. If you are alone, looking around and finding no one, it is actually very difficult to persist in this industry.

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