PEPE, the popular memecoin, experienced a meteoric rise of 20% within a mere 24 hours, firmly capturing the attention of traders and enthusiasts in the cryptocurrency market rally. Santiment, the blockchain data platform, added fuel to the fire by tweeting about the growing prevalence of meme-coins in the minds of traders, coinciding with the upswing of altcoins. These altcoins have been basking in the reflected glory of Bitcoin, which is redistributing as it steadily climbs to the $31,000 mark.
However, PEPE’s team didn’t just ride the wave; they took action to bolster the coin’s position. Today, they announced the successful burning of a staggering 6.9 trillion PEPE tokens, equivalent to approximately $6.76 million.
Furthermore, the team transferred 16 trillion PEPE tokens, valued at $15.08 million, to four centralized exchanges on August 25. The remaining 10.69 trillion PEPE tokens were sent to a separate address. After the token burn, the PEPE team’s address now holds 3.79 trillion PEPE, which translates to $3.72 million, as per data from Etherscan.io.
Comparatively, its performance has lagged behind its dog-themed memecoin counterparts, such as Dogecoin and Shiba Inu, over the past six months. Presently, all three coins are traversing sideways trends, seeking to maintain crucial support levels and reignite bullish momentum. However, the emergence of a bullish reversal pattern in Pepe coin suggests a promising opportunity for the asset to kickstart a recovery rally.
PEPE’s Impressive Price Comeback
Analyzing its price trends, as the overall cryptocurrency market displays signs of recovery, the cryptocurrency has made a noteworthy comeback, bouncing off its monthly support level at $0.0000006. This four-day bullish streak has seen the memecoin gain an impressive 21%, pushing its current trading value to $0.0000008952.
On the daily charts, this upswing aligns with a technical formation known as a “double bottom,” indicating a potential trend reversal. The previous price decline appears to have found strong support at the psychological level of $0.0000006. Should buyers continue to uphold this support, it could signify an accumulation phase favoring long-term investors.
If buying pressure persists, the meme coin’s price could rise by an additional 15%, challenging the $0.00000085 resistance level. A breakthrough beyond this point would serve as a strong indicator of a sustained recovery, potentially propelling the coin’s value to the $0.00000103 mark making it an exciting prospect for investors and speculators alike.
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