Recently gaining significant popularity, PEPE managed to achieve gains in the last 24 hours after a decline earlier this month. Additionally, the meme token left behind a bright May. During May, the cryptocurrency achieved significant gains, reaching an all-time high of $0.00001718. However, it dropped to $0.00001168 in the past few days.
PEPE’s Market Value
Following the recent volatile movements of the popular meme token, its market value stands at $5.7 billion. However, the decline in the altcoin was not limited to its market value but also reflected in its price chart. PEPE’s gains since the beginning of the year have been 975.65%, making it the second most profitable cryptocurrency, outperforming Bitcoin.
The increase in Pepe’s price occurred after increased activity on the network, leading to a 23% rise in transaction volume. Currently, the TVL stands at $1.42 billion, marking significant growth from yesterday’s $714 million. The increase in transaction volume is attributed to rising transactions on cryptocurrency exchanges such as OKX and Bitget.
PEPE Futures
Another important metric in the cryptocurrency is the open interest rate. This metric recorded a 4.06% increase, raising its value to $140.63 million. The increase may indicate a rise in participation in PEPE futures and options. Additionally, the cryptocurrency market experienced an upward trend with the announcement of the consumer price index (CPI) data, a fundamental metric in the market.
According to experts, PEPE is in a bullish zone due to its upward trend, which could further increase its price. If the trend continues, PEPE’s price could rise by 50% to $0.000017 by the end of the month. Moreover, experts note that the token’s technical indicators and moving averages support this scenario. The relative strength index (RSI) is at 6.5, indicating a buying zone that could lead to further gains.
