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The popular altcoin, PEPE, recently witnessed substantial market activity upon the release of a statement by U.S. President Donald Trump on Truth Social, which featured a covert frog figure, sparking interest across the market. This scenario saw PEPE’s price surge from $0.00001440 to $0.00001490. However, it later retracted to $0.00001430. The quick ten-minute price change demonstrated how susceptible the memecoin market can be to political influences. The phrase “Mission from God” featured in the statement ignited excitement within the PEPE community, prompting hundreds of bullish hypotheses on social media. While a direct connection to the price surge remains uncertain, the correlation between the market response and social interest is evident.
The Catalyst Behind the PEPE Coin Surge
President Donald Trump’s post witnessed PEPE’s market cap reaching $6.30 billion just an hour after its release. The daily trading volume also soared by 55% to $1.69 billion. There was a significant jump in social engagement metrics, and the total volume of open positions increased from $650 million to $735 million. Additionally, the 30-day MVRV’s shift to the positive spectrum indicates that short-term holders are seeing profits, reinforcing market optimism.
The long/short ratio escalated from 0.9623 to 1.0016 within 48 hours, showcasing dominance by long positions in futures trading. This surge compelled market discussions about a potential rebirth of the memecoin season. Although a consensus is yet to be reached, the increased interactions suggest an enhanced potential for attracting new liquidity into the market.
A Pivotal Resistance Point for the Altcoin
Previously experiencing an 80% decline during March-April, the PEPE coin saw a remarkable recovery over 150% from the depths in May. Currently, the price is near $0.000015, facing a formidable supply wall coinciding with a high-volume supply zone. This resistance continued to suppress upward momentum. If PEPE cannot break through, there’s a risk of the price dropping to around $0.000010.
Conversely, a daily close above $0.000015 could indicate a target level of $0.000020. While technical indicators suggest ongoing buyer sentiment, the impact of politically driven tweets on volatility can dissipate quickly. Investors are thus urged to monitor not only fundamental levels but also social media announcements, given their pivotal role in influencing market dynamics for memecoins like PEPE.
