Pepe Price Prediction as $500 Million Volume Pushes PEPE Up 30% – Can PEPE Reach 1 Cent?

The Pepe price has risen by 16% in the past 24 hours, with its move to $0.00000119 finding the meme token outperforming the market as a whole, which has gained by 1.5% today.

PEPE has now risen by an impressive 90% in a week, making it the best-performing major token of this period.

Yet with the coin still 71% down from its record high of $0.00000431, the PEPE price still has plenty of room for improvement, with its $500 million trading volume suggesting that further rallies could be coming soon.

Pepe Price Prediction as $500 Million Volume Pushes PEPE Up 30% – Can PEPE Reach 1 Cent?

PEPE’s indicators are currently flashing very hot, yet there may still be space for the coin to rise more before running out of steam.

Its relative strength index (purple) remains at around 75, so even though it has dipped a little it signals considerable ongoing momentum.

Similarly, the meme token’s 30-day average (yellow) is rising steadily, while its price has shot up decisively beyond this average, another sign of fierce buying pressure.

It’s also worth pointing out that PEPE’s medium-term support level (green) has remained stable for several weeks now.

This implies that it had bottomed out prior to this week’s rally, with the coin unlikely to fall back down to the $0.0000006 area anytime soon.

PEPE has rallied strongly in the past few days as part of a bigger market-wide rally, with growing expectations of Bitcoin ETF approvals fueling optimism.

Whales in particular have also helped it outperform the market, with a number of large buys happening this week.

9x9x9 (@9x9x9eth) exchanged all $SUSHI positions for $PEPE.

He sold 2.36M $SUSHI($1.34M) at an average price of $0.57 and spent 851 $ETH($1.42M) to buy 1.89T $PEPE 8 hours ago.@9x9x9eth lost a total of ~$30M in $SUSHI including all CEX buys.https://t.co/T6pR4ohAwr pic.twitter.com/mFMj1A7HUx

— Lookonchain (@lookonchain) October 23, 2023

At the same time, traders had heavily oversold PEPE during the downturn of the past few weeks, meaning that it had plenty of lost ground to recover.

The burning of nearly 7 trillion PEPE is another key factor in the coin’s outperformance of the market this week, although it should be remembered that some 420 trillion PEPE is still in circulation.

6.9T $PEPE Tokens worth ~$6,000,000 have been burned. https://t.co/aN5LRUFz8u

A new team of advisors have been brought on to guide Pepe forward. Uses for the remaining 3.79T tokens attributed to the original team CEX multi-sig wallet for strategic partnerships and marketing… pic.twitter.com/JN3ssvH0XL

— Pepe (@pepecoineth) October 24, 2023

Regardless, this burn has created a positive narrative for PEPE, which could rise to $0.00000150 before financial gravity takes hold.

It could also rise even further if the SEC formally approves any Bitcoin ETFs, although the regulator won’t make a decision on any recent application until January.

Yet traders should be aware that, if a positive decision doesn’t come, PEPE is liable to fall much harder than many other cryptocurrencies.

Higher Potential Meme Tokens

Some traders may not be entirely comfortable with PEPE’s volatility and lack of fundamentals, yet there are alternatives.

One promising new meme coin is Meme Kombat (MK), an ERC-20 token that has raised more than $700,000 since launching its presale a few weeks ago.

$MK has passed $700k raised in presale⚔️

Another great milestone for the #MemeKombat community💪 pic.twitter.com/dMP3KOxX6z

— Meme Kombat (@Meme_Kombat) October 25, 2023