Baby rises 5% with a trading volume of $900 million; can the price target $1?
Pepe-PEPE’s price has risen 5% in the last 24 hours, according to CoinMarketCap data, as its trading volume has risen and the overall performance of crypto markets has improved.
PEPE was recently trading near $0.0000078 as its trading volume rose to $800 million today, according to the latest Yahoo Finance data, and the data also showed that its trading volume by the end of Tuesday had almost doubled compared to Monday’s $490 million.
On the other hand, this does not mean that the bulls have regained full control of the market, as the PEPE price failed to break through the resistance level at the 200-Day Moving Average (200DMA) indicator at $0.0000084 on Tuesday.
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This may prevent the price from continuing to bounce from last week’s lows below $0.000070.
Looking at their future prospects, the downtrend still dominates their price movement. As long as it remains below the key movement averages indicators, the price is likely to retest recent lows below $0.0000060 rather than continue its rebound.
Therefore, PEPE owners are looking for alternative investment opportunities that may bring them quick rewarding returns, and emerging meme coin IPOs are one of the best examples of such investments, as these IPOs outperform meme currencies that are listed directly on decentralized exchange platforms (DEX). IPOs give way to growing hype around the project, and the funding raised by the IPO could be spent to promote the currency and increase its chances of spread. Cryptonews.com analysts are closely monitoring the crypto market, and here are some of the best options available:
Top 16 New Meme Coins to Buy in August 2024
Can the price of a PEPE coin reach $1 someday?
Investors in the world of meme currencies focus on the idea of erasing decimal zeros from the currency rate; Dogecoin-DOGE investors have long waited for the last decimal zero to be erased from its price to reach $1; can the price of PEPE reach $1 one day?
This is unlikely to happen unless there is a significant change in their economic data. With a total supply of 420 trillion coins, a $1 price would mean a market capitalization of $420 trillion, 360 times the current market value of Bitcoin (Bitcoin-BTC) of less than $1.2 trillion, which is unlikely. But if the PEPE community deliberately reduces its supply significantly, this may be achievable.
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