PEPE Ranks First on CoinMarketCap’s Trending List After 53% Spike

Bits Logics Team . 26th Oct 2023
  • PEPE ranks first on CoinMarketCap’s trending list, after its token burning. 
  • 6.9 Trillion tokens worth $5.5million were burnt and PEPE spiked by 53%
  • PEPE’s exponential rise is paused, it might begin once again on its route to $0.00000140

CoinMarketCap, a leading crypto price-tracking website tweeted that $PEPE spiked by 53% in the past 7 days following its 6.9 trillion ($5.5 million). As a result, $PEPE captured the top spot on the trending list on CoinMarketCap.  

According to PEPE team members, it was reported that a series of unexpected transfers out of the project’s multi-signature wallet carried out by a few fraudulent PEPE developers prompted this token to burn. Moreover, the token burn is equivalent to 1.6% of the total supply.
PEPE/USDT 1-Week Chart (CoinMarketCap)

When looking at the chart above, it could be noted that until the fifth day of the week, PEPE was increasing by small margins. But come the fifth day, PEPE rose from $0.0000007466 to $0.000001044. After that, it consolidated just below $0.000001 before rising again on the seventh day. The token reached a maximum price of $0.000001250.

PEPE/USDT 2Hrs Chart (Source: Tradingview

The above chart represents an exponential growth for the PEPE token. It rose from almost $0.00000060 to $0.00000130 in a brief period of time. However, to confirm that this trend is strong, the Accumulation Distribution line (ADL) could be used for this purpose. 

Currently, the ADL reads a value of $137T and the line seems to be going up. This shows that the rise in price has been supported by volume. Hence, if this rise continues for PEPE, then its next target would be $0.00000140. However, as PEPE has touched the upper Bollinger band, there is a doubt whether there will be a retracement to support at $0.00000105 before the spike. 

However, this rise could have been due to the burn, and there arises a question of whether this spike will continue until PEPE reaches the above-mentioned resistance level. If the uptrend is broken, then PEPE will crash to 0.00000105 and below.