As memecoin projects dominate the crypto market, PEPE continues to make its investors happy with its recent surge. However, the rise of the altcoin may slow down or stop as investors prefer to book profits and some records remain unbroken. The price increase in the PEPE front has resulted in the memecoin project’s market value reaching nearly $7 billion.
What is Happening with PEPE?
This development was influenced by the 80% rise in the past week of the altcoin project, which placed Pepe among the top 20 cryptocurrencies. In doing so, the memecoin performed better than Litecoin (LTC) and Uniswap (UNI) in terms of market value. During the intraday trading peak, it even outperformed Polygon (MATIC) at one point, but PEPE refused to fall below this level.
If the market value of the memecoin exceeds $7.2 billion, Polygon will again lose its place to PEPE. However, this is unlikely as investors are making profits. As the price increased, investors’ profits also significantly increased, triggering sales to secure gains. The profits realized across the network reached the highest level in two months.
PEPE holders tend to sell during sudden rises, and this is currently the case. This could increase as investors expect the price to rise. This indicates that profit-taking may continue, and as a result, the price may face selling pressure.
PEPE Chart Analysis
PEPE price reached an all-time high of $0.00001725 during intraday trading on May 27. Last week, the memecoin recorded an 80% rise, bringing the altcoin price from $0.00001000 closer to $0.00002000. However, considering the increase in profit-taking, the rise may stop here, and as a result, the memecoin price may fall to $0.00001500. The altcoin price will likely stay above the support level of $0.00001430 during this process.
However, if the rise continues, the cryptocurrency could surpass the resistance of $0.00001725. This will invalidate the bearish thesis and help PEPE form an all-time high.
