PEPE Races to New All-Time High Following GameStop Rally; What’s Next?

PEPE has caught on to the GameStop rally, joining other meme coins in a journey to new heights. Pepe posted notable strides, trailing closely behind top meme coins Dogecoin and Shiba Inu, with a seven-day price increase of over 38%. 

The frog-themed meme coin attained a new all-time high of $0.00001156 on May 15. With momentum still fairly high in the meme coin market, will PEPE cover more heights, or is a pullback underway?

PEPE Social Media Gains Hit 40-Day Peak as Meme Coins Rally

After their recent dramatic rally, meme coins dominate search engines and social media trends. PEPE, which secured a new all-time high today, is among the coins gaining traction.

On-chain metrics suggest PEPE replicates a similar trend as Gamestop, which also dominates search engine trends. Data from Santiment’s Social Volume chart reveals that PEPE’s Social Volume Score hit a 40-day peak of 350 on May 14. This exceeds last month’s high by over 50%. 

For context, the Social Volume chart reveals the number of times a particular cryptocurrency is mentioned on social channels like Reddit, Telegram, and X. Investors often interpret the spike in social volume in an uptrend as an indicator that the market is approaching its peak.

According to Santiment, PEPE last scored above 200 in social volume on April 1 and April 23, 2024. However, a massive price dip preceded both rallies.

Based on historical trends, PEPE’s social volume exceeding 350 on May 14 might signal a major pullback in the coming days. However, PEPE could reach new peaks if the GameStop frenzy holds for longer.

PEPE Records Massive Investor Interest and Whale Transactions

As of 6:58 AM EST, PEPE trades at $0.00001103, marking a 6.0% 24-hour increase and a 41.8% in the last seven days. PEPE maintained this uptick despite a whale selloff of 140 billion tokens at $1.57 million.

While this is a substantial amount, it represents only 10% of the whale’s total holdings. The address still holds $1.26 trillion PEPE valued at $14 million.

This whale accumulated PEPE almost every day from December 1, 2023, to February 12, 2024. He spent a total of $1.49 million to purchase 1.4 Trillion PEPE before selling 140 billion for profit. This whale’s total return on investment is close to 943%.

Will the Rally Continue?

PEPE is in an uptrend today, forming a third green candle as the buyers continue to accumulate more tokens. The meme coin has found support at the $0.00001054 price level as it attempts to break above the $0.00001152 price level. 

Also, PEPE is trading above the Parabolic SAR indicator, suggesting that buyers are still active in the market. The RSI is 74.86 in the overbought region.

With PEPE already overbought, buy momentum might drop soon as buyers tend to recede at this level. Therefore, PEPE will likely retrace from the $0.00001156 price level soon.