Pepe Price: Will PEPE Hit $1 in 2024?

Pepe Coin (PEPE) has been one of the most trending and most highly-traded cryptocurrencies in the market for weeks now. It has experienced impressive growth in value by 700% over the past 30 days alone. This bullish momentum pushed the PEPE price to its all-time high of $0.000009885. However, the price has since dropped by 10% with the community wondering if it is the end of the road for the bulls. Nevertheless, Pepe continues to attract the interest of both investors and enthusiasts, raising questions about whether it will reach $1 in 2024.

Market Performance of Pepe Price

Pepe Coin (PEPE) price is currently $$0.000008933, an increase of 8.49% in the past day. However, the trading volume of this popular meme coin built on the Ethereum blockchain has decreased by 1.4% to reach $1.45 billion. This demonstrates that trading activity regarding the coin has lessened over the past 24 hours. Nevertheless, the market cap did not disappoint, increasing by 8.43% to reach $3.75 billion, and positioning PEPE as 40th, according to CoinMarketCap. The coin has a market cap of 420.69 trillion having soared by 22% over the past week.

Understanding Pepe Coin (PEPE)

Pepe is a meme token centered around the popular meme Pepe the Frog within a community setting. It aims to become the most meme-worthy meme coin around and restore meme coins to greatness. Introducing a fresh paradigm for meme coins, Pepe represents the essence of simplicity in the meme coin world.

PEPE’s increasing popularity is mostly due to its community, which appears to be boosting the coin’s value significantly. Data from LookOnChain has unveiled astonishing numbers regarding Pepe as the top preference for large cryptocurrency holders.

It has been reported that a crypto whale bought 840.86 billion coins from Binance, indicating the current high demand for PEPE.

PEPE whale activity (Source: LookOnChain)

PEPE Price : Will PEPE Reach $1 in 2024?

1. Technical Analysis

Based on the technical analysis of PEPE price, moving averages, across various timeframes, suggest a predominantly bullish sentiment, indicating ongoing positive momentum in the market. Nevertheless, the MACD indicates a possible weakening of the bullish trend, while the RSI remains at the neutral zone, showing equal levels of buying and selling activity.

Support and resistance levels identify important zones where the price could receive support or encounter resistance. At this moment, the price hovers close to the pivot point, with resistance levels estimated at $0.00000969 and $0.00001087. In the meantime, Fibonacci retracement levels indicate that there is potential support at $0.00000473 and $0.00000591.

Although these technical indicators are helpful, the chances of PEPE reaching $1 in 2024 depend on other factors such as market sentiment, adoption rates, and project advancements. Based on this analysis alone, it seems unlikely that the price will reach $1 considering the current price levels and technical signals. Nonetheless, traders and investors need to stay alert for potential price changes and keep an eye on important support and resistance levels for trading chances.

2. Experts and Analysts View

According to some analysts, it is extremely unlikely for PEPE to reach a value of $1. They claim that having a circulating supply of 420.67 trillion would lead to a market capitalization exceeding $420 trillion if such a price is achieved, thereby outperforming the total gross domestic product of the world, which was $100.88 trillion in 2022.

At the moment, PEPE is valued at $0.000008933 in the market. Despite the many zeros in this figure, the price of the coin has incredibly soared by over 15000%. Because of this growth, some investors are speculating about the possibility of the coin reaching $1 in the future.

However, it is important to acknowledge the fact that the increase to $0.000008271 and a market cap of $3.49 billion is significantly different from rising to $1 and holding a market cap of $420 trillion. The level of capital needed to fuel such massive growth is unimaginable and essentially impractical.

The highest price analysts forecast the PEPE price to reach is $0.01, not even 1 cent.

Conclusion

Although the swift growth of Pepe Coin (PEPE) has attracted both investors and fans, the chance of it reaching $1 in 2024 seems highly unlikely. The technical analysis indicates a situation where the price stays under this level. Market sentiment, adoption rates, and project developments will be crucial in shaping PEPE’s future direction.

Furthermore, the large amount of capital needed to reach a $1 valuation, given the current supply in circulation, makes this result very unlikely. While some investors remain optimistic, analysts predict a more realistic target for PEPE at approximately $0.01. Hence, although the outlook for PEPE is unclear, it is crucial for traders and investors to handle it with caution, taking into account its possible opportunities and the difficulties it encounters in achieving high valuations.

The post Pepe Price: Will PEPE Hit $1 in 2024? appeared first on CoinGape.

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