PEPE burst onto the meme coin scene back in April and mounted one of the most impressive runs of any meme coin so far. The cryptocurrency went from an under $100,000 market cap to over $1.2 billion in the space of a month, scoring listings on prominent exchanges such as Gate and Binance.
However, PEPE’s run would eventually fizzle out, spending the month of May in a continuous downward spiral and losing around 80% of its all-time high value. But this is beginning to change as PEPE’s double-digit gains in one day have sparked hope of a return of the infamous meme season.
PEPE Recovers To Early May Levels
PEPE has rallied above $0.0000015 for the first time since May as sentiment around the meme coin turns bullish. This price recovery represents a 35% increase in the last 24 hours, making it the top gainer among all of the cryptocurrencies in the market.
The rapid rise in PEPE’s price has also sparked speculation of a return of meme season which is further fueled by the fact that other meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB) are also recovering as well.
A look at the list of the top meme coins shows that market leader Dogecoin is actually seeing the poorest performance with only a 4.6% increase in 24 hours. Others such as Shiba Inu and Floki Inu are in the double-digits with gains of 10% and 17% respectively.
PEPE rises over 35% in one day | Source: PEPEUSD on TradingView.com
If the meme season does return in full bloom, then these digital assets could only just be getting started. Additionally, if bulls can sustain the current Bitcoin rally, then PEPE could see as high as a 50% increase from its June local bottom.
What Is Driving The Increase?
Although PEPE is also following along with Bitcoin’s price recovery, significant accumulation going on behind the scenes is partly the reason why it is outperforming the market. The most significant of these is a whale that bought 3.43 trillion tokens.
The transaction which was reported by Lookonchain shows massive buys from this whale who had made significant sums from investing in the meme token recently. Such a large buy no doubt played a significant role in the rapid rise of the asset’s price.
For now, PEPE is still maintaining the majority of its last day’s gains, but it remains to be seen if bulls can sustain the current trend. If they are unable to hold the $0.0000014 support, then a decline to $0.0000012 is imminent.
Featured image from StormGain, chart from TradingView.com
