Pepe’s price has rebounded in the past few days as investors bought the token’s dip, hoping it would retest its highest level this year. On Thursday morning, the token was trading at $0.00001260, up by 30% from its lowest point last month. This rally has brought its market cap to over $5.2 billion.
Pepe passes Dogecoin and Shiba Inu.
Pepe is the third-biggest meme coin in the industry, with a market cap of over $5.2 billion. It is also one of the traders with almost 300k holders.
Pepe has done better than most cryptocurrencies, jumping by over 1,305% from its lowest level this year. It is beloved because of its cheaper price, which makes it more affordable than bigger coins like Bitcoin, Ethereum, and Litecoin.
A closer look shows that Pepe has passed Dogecoin and Shiba Inu in terms of daily volume traded. Data by CoinGecko shows that Pepe’s volume in the past 24 hours stood at over $644 million.
In contrast, Dogecoin, which has a bigger market cap of $17 billion, had a volume of $521 million. Similarly, Shiba Inu, which has a market cap of over $10 billion, had a volume of $191 million.
This means that Pepe is now more popular than SHIB and DOGE, two tokens that were the most popular meme coins in the industry.
Pepe is not alone in passing these tokens. Dogwifhat, the biggest meme coin on Solana, handled $591 million in volume in the same period.
This performance indicates that investors are more interested in newer meme tokens. For example, WIF and Pepe have done much better than DOGE and SHIB this year. WIF has soared by over 1,200%, while Pepe has jumped by over 800%. DOGE and SHIB have risen by less than 70% this year.
Pepe price forecast
Turning to the daily chart, we see that the price of Pepe has bounced back after forming a small double-bottom pattern at $0.000010 recently. It has moved from below the 38.2% Fibonacci Retracement and is nearing the 23.6% point.
The token has remained above the 50-day and 100-day moving averages while the Relative Strength Index (RSI) has pointed upwards. Therefore, the token could continue rising as buyers target the psychological point at $0.000015, about 20% above the current level.
This performance will be confirmed if the token rises above the upper side of the evening star pattern at $0.0000134.
