Key Insights
- PEPE coin price was up 17% in 24 hours. As per LunarCrush, it ranked third by social sentiment, alongside L1s and AI tokens.
- The memecoin sector outperformed all other crypto sectors, adding to the strength seen in PEPE coin price action.
- PEPE has had some of the most violent moves to the upside, followed by slow grinding down the last few months. It’s in sync with Solana price.
The memecoin sector is leading the gains over this week as the crypto market appears to be rebounding. Pepe (PEPE) coin was among the top meme coins that depicted strength across different metrics.
In the past 24 hours, the PEPE coin price rose by 17%, outpacing all other meme coins in the top 200 cryptos by market cap. These gains pushed the weekly gains to about 23%, but PEPE coin price still remained 73% below its all-time high (ATH) of $0.00002809.
Hence, what was behind this bullish rally in PEPE, and can this trend continue?
PEPE Coin Price Rallies as Social Sentiment Spikes to New Highs
This week’s rally was mainly driven by a spike in social sentiment, alongside coins in sectors such as Layer 1 (L1) blockchain and AI agents. In fact, PEPE ranked third, behind the latter two, in terms of volume growth.
Looking at the raw data from LunarCrush, it indicated that PEPE saw about 5.9 million engagements in the last 24 hours. This was the highest social sentiment in 52 weeks, which was 124% above the daily average. From a weekly perspective, the engagements were at 20.43 million.
Moreover, this spike in sentiment was backed by rising trading volume. The $1.1 billion in trades represented a 250% increase over the last 90 days. LunarCrush showed that PEPE’s rank in this metric jumped from position 177 to 3 this week alone.
While PEPE coin was driven by these fundamentals, its behavior was an anomaly. In the past, memecoin rallies happened in isolation, but this time they were trending alongside other sectors like L1 and AI agents.
Meme Coin Performance Outpaces All Other Crypto Sectors
Another reason the PEPE coin price jumped by double digits was the overall strength in the sector. The recent performance data showed that the meme coin sector led the market this week, clocking 12% gains. These gains were double that of the second-placed AI sector, which recorded 6%.
This strength showed that meme coins were in the spotlight, thereby attracting capital. With PEPE still ranking among the top 50 coins by market capitalization, it has gained traction as the fourth-most-capped memecoin.
Other sectors also trended to the upside this week, with L1, DeFi, L2, and gaming following suit. Their returns ranged between 3% and 5%.
From the data, PEPE coin price rally was driven by social sentiment, volume, and overall sector strength, but can this be sustained?
PEPE Coin Price Prediction: Why Is the Analyst Still Not Convinced?
Since the start of the year, PEPE coin price has had some violent moves to the upside, though they have not been sustainable. The year started with a move from $0.000003800 to levels above $0.000007000.
Every uptrend has been followed by gradual grinding to the downside, which is why Altcoin Sherpa was not convinced. The whipsaw price action made it difficult for traders to hold positions for long.
PEPE is now in its third volatile move to the upside, but price action seems to be cooling off. This movement on the chart showed that the memecoin was aligning with Solana’s (SOL) price movement.
Both assets were retesting their broken range’s highs. SOL price was testing $92.5, while PEPE coin was trading above $0.000003600. This meant that the crypto market was moving in sync. However, the data showed Solana was defending its level better than PEPE.
Altogether, if the crypto market maintains this strength, PEPE may surge to at least its yearly high of $0.0000070. Otherwise, breaking and holding below $0.0000036 would invalidate this uptrend.
The post Here’s What Drove PEPE Coin’s 17% Surge in 24 Hours appeared first on The Market Periodical.