Pepe coin worth is ending 2024 on a excessive word because it surged by virtually 20%, erasing a number of the losses made this month.
Pepe (PEPE), the third-biggest meme coin, climbed to a excessive of $0.000022, its highest degree since Dec. 18. The rebound got here after Elon Musk, the wealthiest particular person on the planet, up to date his X profile image to a Pepe-like picture.
Musk, one of the influential folks globally, has over 234 million followers on X, shut ties with Donald Trump, and a fortune of practically half a trillion dollars.
His motion may point out rising curiosity in Pepe, much like his earlier engagement with Dogecoin (DOGE). Musk’s tweets about Dogecoin in 2020 preceded its public surge in 2021, serving to DOGE develop into the biggest meme coin with a market cap of over $47 billion.
Pepe has skilled exceptional development since its inception in 2023, with its market cap hovering from close to zero to a peak of over $10 billion earlier this month. The token has surged by practically 1,500% up to now 12 months, rating it among the many best-performing meme cash.
Pepe has created vital wealth for a lot of buyers. Based on IntoTheBlock, 70% of all holders, or about 178,000 folks, are in revenue, whereas 24% have incurred losses. The remaining buyers are at breakeven.
Pepe Coin worth evaluation
The day by day chart reveals that Pepe coin worth peaked at $0.00002833 earlier this month earlier than pulling again. It bottomed at $0.0000145, which coincides with the 50% Fibonacci Retracement level, and fashioned a hammer sample. This sample, characterised by a small physique and a protracted decrease shadow, is usually a bullish sign.
Pepe has now climbed above the important thing resistance degree of $0.00001950, its highest swing on Dec. 24. Additionally it is buying and selling above the 200-day and 100-day transferring averages.
Given these bullish indicators, Pepe is more likely to proceed rising, with bulls focusing on the year-to-date excessive of $0.00002833, which represents a few 33% upside from the present degree. Potential catalysts for additional positive aspects embody Donald Trump’s upcoming swearing-in and the anticipated FTX distributions. A number of the $16 billion from the distributions could also be reinvested into cryptocurrencies, doubtlessly boosting Pepe.
