PEPE price soared to an all-time high of $0.000010 on Would maybe per chance 14, 2024 because the resurgent GameStop (GME) rally saga bleeds into the crypto memecoin markets.
Gamestop Saga Resurfaces, Catapulting PEPE to All-Time High
The GameStop saga of 2021 has resurfaced because the GME stock price surged by 40% on Would maybe per chance 14.
Early market indicators and Reddit comments advocate that the rally is continuously pushed by lingering nostalgia from the inappropriate rally in 2021, which saw institutional Bask in traders suffer billions in liquidated Brief contracts as retail traders piled on Lengthy positions.
But this time, the retail bullish sentiment surrounding Gamestop (GME) price motion has bled into the crypto markets, sparking a wave of memecoin craze. Interestingly, PEPE price, which has been on a toddle for the reason that commence of Would maybe per chance 2024, has emerged as surely one of basically the most sought-after crypto memecoins amid the resurgent Gamestop rally.
As depicted in the chart below, PEPE’s most popular price surge on Would maybe per chance 14, brings it growth efficiency for the month to the 90% price. And particularly, the $0.000012 daily timeframe top represents an all-time high for Ethereum‘s largest memecoin project by market capitalization.
PEPE Social Media Traction Surges to 40-Day Height
With Gamestop’s parabolic rally dominating social media and search engine inclinations tables, necessary PEPE’s on-chain data metrics screen a starkly the same catalyst emerging all the device in which thru the memecoin markets this week.
Indicatively, Santiment’s Social Volume procure chart below tracks the different of times a particular cryptocurrency is talked about all the device in which thru relevant crypto media channels, including Telegram, Reddit, X (previously Twitter), and quite lots of others.
As considered above, PEPE Social Volume procure has reached 40-day top of 350 on Would maybe per chance 14, outstripping last month’s high by over 50%. Strategic investors usually elaborate spikes in social quantity all the device in which thru price uptrends as a main indicator that the is market is nearing the tip.
Extra so, historic data presentations that PEPE last hit a top social traction procure above 200 on April 1 and April 23, respectively. And curiously, a mercurial price dip followed on both times.
Therefore, going by historic inclinations PEPE social quantity procure crossing 350 on Would maybe per chance 14, usually is a precursor to a necessary correction part in the coming days.
On the opposite hand, with Gamestop media rave accrued unfolding, there’s a possibility that the bullish headwinds could well maybe drive PEPE price to new peaks, especially if GME retains racing up the tip gainers’ charts.
PEPE Worth Forecast: $0.000020 Rally Peaceable in Play
PEPE price is hovering above the $0.000010 price at the time of e-newsletter on Would maybe per chance 14, 2024, having retraced mildly from the daily timeframe top of $0.000012. On the opposite hand, the Bollinger band indicator suggests that the PEPE price could well even be setting up for every other bullish upswing in direction of $0.00002 in the coming days.
As considered above, despite the smooth correction on Would maybe per chance 14, the PEPE price is accrued holding up above the easier-restrict Bollinger band at $0.000099. This confirms that the broader sentiment surrounding PEPE non permanent market momentum is accrued dominantly bullish.
Furthermore, speaking to DLNews, Quinn Thompson, founder of Lekker Capital, moreover alluded to Gamestop’s affect on PEPE price motion.
“Crypto has been lacking new retail entrants this total technique up, It is incandescent for crypto memes to earn a deliver on hopes” that retail is coming assist, because the brutality of the crypto winter hasn’t exactly helped retail participation,”
– Quinn Thompson, Founder Lekker capital
On a bearish negate, if the historic divergent pattern between Social media euphoria and PEPE price motion reoccurs, a reversal toward the 20-day Straightforward sharp average (SMA) stage at $0.0000081 could well even be on the cards.
