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The market uncertainty has continued to create headwinds for the meme coin ecosystem, with PEPE in the spotlight. The meme coin is one of the most battered in the market, with a 24-hour surge of 1.5% to $0.000007, according to CoinMarketCap. If this growth pace is sustained, PEPE will likely erase one zero achieved amid the drawdown recorded over the past year.
Is PEPE recovery imminent?
The price of PEPE added a new zero earlier this month as a market sell-off created rare pressure for buyers. Since then, the coin has fluctuated between a low of $0.0000053 and a high of $0.00001061.
Tomiwabold OlajideAmid this trend, the meme coin has recorded its best week over the past month. In the trailing seven-day period, PEPE has now jumped by 10.31% in a rebound. The current uptick in the price of PEPE is uncommon, especially as the broader market is in a mild bearish consolidation.
For reference, PEPE’s 5% rally in 24 hours compares to the 0.88% decline for Bitcoin (BTC) at the time of writing. The question within the meme coin ecosystem remains whether or not PEPE can sustain its current rally to breach key resistance levels.
PEPE’s growth comes with the need to sustain its current growth trend and its 50.85% surge in trading volume worth $721.44 million.
PEPE vs. core rivals
Many meme coins are transitioning from just speculative risk assets into defined investment tokens. Regarding ecosystem-backed utility building, PEPE is lagging behind its core rivals, like Dogecoin and Shiba Inu.
While Dogecoin's foundation actively helps develop DOGE-linked products, Shiba Inu’s core developers are building out Shibarium with new utilities and features.
PEPE might not be the first choice for investors exploring tokens with strong fundamental backing. Having built out its reputation, a Dogecoin ETF is on the horizon from top asset managers in the industry. Considering how highly speculative its growth trend is, these related products might be elusive to PEPE.
Vladislav Sopov
Dan Burgin