PEPE Jumps 15% In One Day: Is Meme Coin Season Returning?

PEPE has seen its greatest day within the final couple of weeks because the meme coin is lastly buying and selling within the inexperienced as soon as extra. This restoration is out of left subject given the meme coin hype died down about two weeks in the past as buyers moved on to raised issues. Nonetheless, this restoration may sign a restoration and eventual return of the coveted ‘meme season.’

PEPE Sees 15% Good points In One Day

PEPE emerged as probably the greatest performers within the final day after a formidable 15% rally. The bounce in worth noticed it go from trending at $0.00000098 to recovering above $0.0000012 once more in a matter of hours. This restoration accounts for the very best single-day bounce that the meme coin has seen since Might 23.

The restoration comes after the meme coin has spent the final three weeks on a constant downtrend, resulting in it buying and selling nicely beneath 60% of its all-time excessive worth. And even because the rally has cooled off and the meme coin has begun to right again downward, it’s nonetheless holding on to nearly all of its Tuesday’s positive factors.

PEPE is now the second-highest gainer in 24 hours, solely behind Stacks (STX) which rose over 21% throughout the identical time interval. The meme coin’s quantity can be up considerably, sitting at $287.4 million, which may level to an increase in shopping for strain.

PEPE is the second-highest prime gainer | Supply: Coinmarketcap

With the bounce in worth, PEPE’s market cap has returned again above $437 million, making it the 87th largest cryptocurrency available in the market. Nonetheless, the digital asset continues to be seeing losses on the weekly chart because it’s down 10.92% within the final seven days.

Is Meme Coin Season Again?

Though PEPE’s restoration has been spectacular, there was no indication that the meme coin season is returning on account of this. It’s evident within the efficiency of different meme cash which have maintained their low momentum and are even seeing losses as nicely.

PEPE recovers above $0.00000112 | Supply: PEPEUSD on TradingView.com

For instance, Dogecoin (DOGE), whereas up within the final 24 hours, is just seeing meager positive factors of 1.7%. Its rival Shiba Inu (SHIB) continues to be nursing losses, down 1.3% on the 24-hour chart, and 6.8% on the 7-day chart. The identical rings true for the likes of Floki Inu (FLOKI) and Child Doge Coin (BABYDOGE) which proceed to bleed each on the day by day and weekly charts.

PEPE’s restoration seems to be remoted for now and will stay so within the close to future. It is usually seemingly that this restoration gained’t final and the meme coin will fall again into the final bearish pattern of the market. If this occurs, then the approaching days may wipe out all of its positive factors from the previous day.

However, PEPE continues to be seeing bullish push as it’s buying and selling at $0.00000112 on the time of this writing.