PEPE Coin Impressive 6% Surge Captures Market Attention
Trending crypto Pepe (PEPE) has captured investors’ attention with an impressive 6% rally today. The popular memecoin defiled the broader crypto market downturn to record significant gains on April 17. Consequently, enthusiasts and investors are concerned about a potential sell-off triggered by cashing out.
At the time of writing, the total memecoin market cap has slumped by 1.76% in the last 24 hours to $47.2 billion with a trading volume of $5.4 billion representing a 35% decrease over the last day. Other top memecoins including Dogecoin (DOGE), Shiba Inu (SHIB), and Dogwifhat (WIF) have witnessed 0.95%, 0.12%, and 1.11% increases respectively in the last 24 hours.
PEPE Rallies Amid Market Downtrend
As the global cryptocurrency market continues to undergo major price corrections, Pepe (PEPE) the fourth-largest memecoin has turned heads as it rallied about 6% earlier today. Even though the token has shed some of its earlier gains, the bullish sentiment surrounding it remains. Investor optimism is indicated by the fact that a sizable 69% of Pepe Coin holders are currently profitable, according to data from IntoTheBlock. Nevertheless, the question of whether profit-taking will cause a sell-off in the upcoming days remains in the balance, with only 27% of investors still in the red and 4% in the neutral zone.
It is important to note that, profit-booking, the practice of investors selling their shares to profit on price increases, occurs frequently in volatile markets. Because of this, PEPE holders are speculating about booking profits amid market volatility in response to the recent spike in the price of PEPE. This means that, worries about whether holders will take advantage of the rally or hang onto their positions surface, indicating a cautious attitude within the cryptocurrency community.
Meanwhile, in hindsight, Pepe coin alongside the majority of tokens in the market has seen significant losses. According to CoinMarketCap data, PEPE has declined by 24.8% in the last seven days and by a significant 33.5% over the last month.
Pepe coin (PEPE) price today
CoinMarketCap paints a clear picture of the PEPE price movements today. At the time of writing, PEPE is trading at $0.000005045, signifying a 2.5% increase in the last 24 hours. However, its trading volume over the last day has dipped significantly by 26% to $621.6 million. Additionally, PEPE now occupies the #47 position on the global crypto chart with a live market cap of $2.12 billion.
Pepe Coin’s Open Interest (OI) increased significantly by 7.53% to $42.94 million, as reported by CoinGlass data, indicating a favorable market environment. However, according to the aforementioned tracker, the meme coin has seen a liquidation of about $2.01 million in the last day.
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