Frog-Themed Memecoin PEPE Surges Over 16% in 24 Hours, Sparking Speculation of Altcoin Season

PEPE’s Recent Performance

PEPE, the popular frog-themed memecoin, experienced a remarkable surge of over 16% in the past 24 hours. The cryptocurrency reached a price not seen since August, trading around the $0.00001127 mark with a value increase of over 15%. During this period, PEPE saw significant price action, moving from a low of $0.000009841 to a high of $0.0000115.

Notably, PEPE’s trading volume also saw a substantial boost, with approximately $1.4 billion worth of the digital asset being exchanged between DeFi wallet addresses. This surge pushed the market cap of PEPE’s 420.69 trillion circulating supply to $4.74 billion.

Over longer timeframes, PEPE displayed impressive gains, rising by 39.50% in a week, 44.50% in a month, and a staggering $1,437.80 over the course of a year. Despite these gains, PEPE’s all-time high was recorded just four months ago at $0.00001718, requiring a 52.44% rally to match those figures.

Is PEPE a Viable Investment?

While PEPE’s recent performance has been positive, TradingView’s technical analysis suggests caution. The platform’s analysis, which considers various oscillators and moving averages, recommends a “Strong Buy” for PEPE in the daily chart, with a “Buy” indication for the one-week and one-month frames.

However, the daily relative strength index (RSI) reading of 74, based on price fluctuations, indicates that PEPE may be overbought and could experience a pullback or correction in the near future if bullish momentum wanes.

Speculation on the Altcoin Season

As Bitcoin surged past $66K, altcoins like PEPE have also seen positive movements. Analysts are speculating about the potential onset of another altcoin season or meme coin frenzy. Popular crypto trader Ali Martinez, known as @ali_charts on X, recently shared similar sentiments.

He noted that altcoins, excluding Ethereum, have been gathering momentum in total market capitalization, hinting at a possible breakout. While it remains uncertain if a full-fledged altcoin season is underway, Martinez believes that the current pattern is a promising start.

Important Considerations

Investors are advised to conduct thorough research before investing in PEPE or any other cryptocurrency. The information provided serves as a starting point for further investigation and should not be considered exhaustive. Stay informed and exercise caution in all investment decisions.