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PEPE Jumps 38% on Solo Ride to Moon, Will This Rally Last?

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Wed, 6/12/2023 - 9:17
PEPE Jumps 38% on Solo Ride to Moon, Will This Rally Last?
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With the rally of the past few days, many top analysts believe the altcoin season has likely been ushered in and the likes of PEPE are taking this call further. At the time of writing, PEPE has jumped by 9.19% in the past 24 hours to $0.000001515, extending its overall growth in the trailing seven-day period to 38.14%.

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Meme Coins Like PEPE and Shiba Inu (SHIB) Are Surging: What's Up?

PEPE 7D-Chart. Source: CoinMarketCap

Printing a solo ride of this nature is reasonably one of PEPE’s fortes as it manages a very robust and energetic community of believers who foresee the future displacement of Shiba Inu (SHIB). Unlike the hundreds of meme coins that get launched every week, PEPE has managed to go mainstream since its emergence earlier this year.

The meme coin went from being tagged a scam to becoming the 83rd biggest coin, per its market capitalization of $638,467,882. While still about 64% below its all-time high (ATH), the crucial question now remains whether PEPE’s rally can be sustained in the short term.

For now, the facts are aligned in favor of the token, seeing as its trading volume is elevated and general market sentiment remains robust. However, the absence of deep utility still casts doubts on its future potential.

PEPE must learn from co-meme coins

PEPE might have the excuse of being new to the market even after months of its established market debut. However, the protocol’s core developers have to learn from other meme coins like SHIB, FLOKI and BabyDoge, all of which have launched at least one product that signals their pivot from just a fun token to one with great utility.

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Shiba Inu: Shibarium 5 Million Daily Transactions Generate Enthusiasm

While Shiba Inu launched Shibarium, Floki debuted TokenFi for tokenization and BabyDoge has a text-to-image generator, PEPE has nothing to offer its community. Though all seems well for now, the narrative might change soon as traders might prefer to back a protocol with value added.

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