During the last few days, the PEPE memecoin has maintained an outstanding performance and investors expect it to continue rising. Within 7 days, the token has a return of approximately +40% and its price is $0.00001117 per coin. For investors, the good moment could continue in the coming days.
PEPE is presented as one of the main pillars for the meme sector during this year 2024. In fact, retailers see it as one of the main objectives to obtain profits linked to the world of meme coins. In fact, this token is the third largest market capitalization, after Dogecoin and Shiba Inu.
The majority of crypto sector analysts consider that October will be bullish for all digital currencies. Thus, the so-called Uptober is presented as a source of hope for profits for investors. For months now, the meme coin sector has been in a state of stagnation from which it is only now emerging.
The latter indicates that retailers are hungry for profits and that could be positive for dog, cat and frog tokens. Now that the PEPE memecoin is maintaining a good pace, could there be more room for upside in the coming weeks?
PEPE memecoin price could extend the current good moment. Source: CoinMarketCap
PEPE could lead performance in the memecoin sector
Memecoins are currently presented as the leading performing sector in the crypto market during the last week. At the same time, within the top 10 of the most important memecoins in market capitalization, PEPE is one of the highest performers.
In 7 days, its performance of just over +41% is only surpassed by MOG, which has more than +43%. Outside the top 10 there are coins with a much higher performance in a week, but these have a much more pronounced volatility. In any case, analysts assume that the price of PEPE will continue to rise.
As far as technical analysis is concerned, the coin is looking better according to CoinCodex results. This portal applies a total of 28 technical indicators to this currency and 25 of them point towards a strong rise in the short term.
Meanwhile, the market sentiment index shows that the vast majority (82%) expect the PEPE memecoin price to rise. Meanwhile, only 12% have bearish expectations. Despite all this positive atmosphere, one should not overlook the fact that memecoins are assets of enormous volatility. Any downward variation in Bitcoin, no matter how small, could lead to a drastic decline in meme coins.
Disclaimer: This work is for informational purposes only and should under no circumstances be taken as an invitation or investment advice. Cryptocurrencies are highly volatile assets and placing capital in them can lead to total losses.
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