With all the ups and downs, the Pepe coin has remained the center of attention among other meme coins. This year, PEPE has exhibited a splendid performance, where it surged to an all-time high of $0.00001074 and maintained a profiting value for days.

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Currently, Pepe coin price is trading at $0.000007578, with a 7% decline from yesterday. The same effect is on its market cap and trading volume as well. The market cap of this meme coin has decreased by 7%, pushing it to the 42nd position on CoinmarketCap with a value of $3.19B. However, the trading volume is at $641.16M after a 30% decline.

Pepe Coin Price Might Aim For New Hike

With the ongoing bull market situation, many cryptocurrencies aim for a price jump. Bitcoin price surpassed the $70K mark, whereas Ethereum is up to the $3500 mark. These bullish market conditions will also impact Pepe coin as well.

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There are no proper bullish signals, but there are potential signals that can lead to a new price hike. Within a year, its price is up by 1300% but has struggled to maintain momentum above $0.0000080.

Recently, the total supply of the PEPE token faced a reduction from 180.7 trillion to 178.7 trillion. This reduction could help in a price surge as the supply and demand factors heavily impact the performance of the cryptocurrency.

Some previous incidents have proved a decent price surge on similar scenarios where the price moved from $0.000008 to $0.0000106 within a single day.

Another factor working on Pepe coin price is its meme coin age. Pepe coin’s meme coin age is on a continuous trajectory throughout this month. It talks about the average age of the coin from the moment they last moved, and in the case of PEPE, that is moving up, which is an indicator of the token accumulation. With the current analytics, the investors are focusing on HODL the token instead of selling it.

As a result, this will potentially lead to a price surge because of the bullish tendency of this accumulation behavior. Pepe coin is in the consolidation phase, where the coin is maintaining a balance between the supply and demand of the token.

Conclusion

Pepe Coin is facing a slight decline in its prices, but still, the charts are more in green than red, where it has hiked over 270% in just a month. Despite the current fall, analysts have predicted the chances of a new hike, but it’s uncertain how soon that surge will start.

Read more dogwifhat vs. BONK : Which Meme Coin You Should Invest In?

The post Top Reasons Why Pepe Coin Might Hit New ATH appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am