Frog-themed memecoin Pepe (PEPE) is trading at 0.0000007154 dollars after an interesting recovery following weeks of price decline. The price of PEPE has increased by approximately 17% in the past 7 days. The frog-themed altcoin continues to stay in positive territory with a 3.84% rise on a daily timeframe. The 24-hour trading volume of Pepe has significantly increased by 99% to 87.8 million dollars as investors flock to the frog-themed asset.
Following the sale of 16 trillion tokens worth around 15 million dollars from the project’s multi-signature centralized exchange (CEX) wallet, the price of PEPE moved downwards for weeks, reaching a low point of 0.0000006 dollars on September 22. After recovering from this low point and climbing to a high of 0.0000007621 dollars, it is observed that PEPE has retraced slightly before reaching a resistance level.
The exact explanation for the recent price increase is not known, but on-chain data indicates a slight increase in interest in PEPE on social media platforms. Market observers highlight this as a potential trigger for the surge.
On-chain analysis platform Santiment reported that although memecoins such as PEPE, Dogecoin (DOGE), Dogelon Mars (ELON), and Shiba Inu (SHIB) have started to regain investors’ attention after months of price decline, the interest levels are still relatively low. For example, Dogecoin is facing the lowest overall interest rate on social media platforms since 2020.
Santiment noted, “Due to the significant decrease in altcoins since the local peak of the cryptocurrency market in mid-July, memecoins have been experiencing much lower investor interest than before. Especially DOGE has the lowest interest rate since 2020.”
However, as evidenced by the price declines seen in DOGE competitors such as SHIB and ELON, memecoins are still not attracting enough attention from investors. Despite historically low levels of social media interest measured for memecoins as an asset class, the 17% price increase of PEPE in the past week signals a return to investors’ radar.