Pepe Climbs 21% – What’s Igniting The Meme Coin Fire?

Christian Encila

Last Updated: June 11, 2024 12:09 pm

4 mins read

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PEPE, the meme coin that had seemingly fallen into silence with no major positive developments, has staged a significant comeback in the crypto market. Today, the coin experienced a noteworthy surge, witnessing a price increase of $0.000001417 in 24-hour trading, marking an impressive 21% rally.

Source: Coingecko

Highlighting PEPE’s Potential

The sudden surge in PEPE’s value has sparked interest and speculation within the crypto community. One possible catalyst for this upward movement is the revelation of PEPE’s undervaluation index.

Top-11 #PJTs with Market Cap from $300M to $500M by #Undervaluation Index (UI*) #UI is a Market Cap to 24H Trading Volume ratio applied to PJTs with a similar Market Cap. The lower the UI, the more the PJT is undervalued.$SUI $TIA $TRB $PEPE $COMP $QTUM $DASH $AGIX $ASTR… pic.twitter.com/ZvLlEiCRTV

— Cryptolaxy #StandWithUkraine (@Cryptolaxy) November 7, 2023

Cryptolaxy, a prominent crypto analysis platform, took to social media on platform X to share that PEPE’s undervaluation index stands at 4.2. The undervaluation index serves as a metric to assess whether an asset is trading at a price that accurately reflects its true value.

In the case of PEPE, with an undervaluation index of 4.2, the coin appears to be trading below its potential value, hinting at the possibility of a forthcoming price uptick.

Significance Of Whale Movement

Adding to the intrigue surrounding PEPE’s resurgence, Lookonchain, a blockchain analytics platform, drew attention to a notable development in the market. According to their post, a whale — a large investor with significant holdings — has initiated the accumulation of PEPE.

What did the whale buy recently?

The whale with 10,080 $ETH($19.4M) spent 1,433 $ETH($2.6M) to buy 2.51M $ARB at $1.045 and 1,038 $ETH ($1.9M) to buy 1.65T $PEPE at $0.000001154.

The whale is currently making $177K(+7%) on $ARB and $159K(+8%) on $PEPE.https://t.co/9Btmdst56T pic.twitter.com/EwsXjIFGdz

— Lookonchain (@lookonchain) November 9, 2023

The movement of whales in the crypto market often carries significance, influencing trends and prices. The accumulation of PEPE by a whale suggests confidence in the coin’s potential and could further contribute to its upward trajectory.

PEPE’s Rollercoaster Ride And Future Prospects

As PEPE experiences this rollercoaster ride in its price dynamics, crypto enthusiasts and investors are closely monitoring the developments. The recent surge, driven by undervaluation and whale accumulation, raises questions about the sustainability of PEPE’s upward momentum.

Total crypto market cap currently at $1.3 trillion. Chart: TradingView.com

Analysts are likely to delve into the underlying factors influencing the coin’s value, exploring whether this resurgence is a short-term spike or indicative of a more substantial trend. The crypto community awaits further developments and market signals to gauge PEPE’s future prospects in this ever-evolving landscape.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Counselling/Pixabay

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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