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The PEPE currency is experiencing a sharp increase of 67%. Is this still a buying opportunity?

He witnessed a meteoric rise Prices of PEPE parts Over the past two days, its price has increased by more than 67%. This outperforms all major meme coins such as Dogecoin (DOGE), Shibaino (SHIB), and BONK. . Indeed, it has issued most digital currencies.

The real reasons for this increase are not clear at the moment. But it comes at the same time as the strong and sudden rise in the price of Bitcoin, BTC, which reached its highest levels since 2021.

High Chain Indicators for Pipcoin

Of course, as is always the case in such cases, the rise in the price of a digital currency is accompanied by an increase in activity on the network in all its aspects. And that's exactly what happened with this meme piece:

High number of daily active addresses: Increased Number of daily active addresses From 817 to 1512 between February 22 and 26. That’s an increase of 85% in four days. This indicates an 85% increase in the creation of new Pepe Coin addresses. Which indicates increased public interaction with this currency.

High net profit/loss on the network: The network's net profit/loss increased from -$243,000 to $1.69 million between February 24 and 26. This indicator makes it possible to determine the profits or losses made by the holders of an asset. Therefore, this means that on February 24, Pepe Coin holders suffered losses of $243,000, as shown in the chart below.

Increase the number of transactions with whales: The growing number of whale transactions (addresses transferring over $100,000 and over $1 million in Bibi coins) indicates renewed interest in Bibi coins.

High trading volume: Trading volume shows a significant increase, supporting the positive outlook.

Will PEPE coin price continue to rise?

Of course, no one can accurately answer this question in the digital currency market. Especially when it comes to meme pieces.
The reasons for the rise and fall are often unknown and sudden. Technical analysis is almost useless in most cases.

PEPE part This is one of the biggest hits of 2023 in the cryptocurrency market. Its market value reached a peak of $1.8 billion in mid-May. It also recorded trading volumes exceeding those achieved by Dogecoin (DOGE) and Shiba Inu (SHIB). It is one of the largest meme currencies in terms of trading volume.

But it lost market interest several months ago, especially after some "rogue" developers from the PEPE team stole approximately 15 million dollars of the project.

Since then, he has remained PEPE Price It trades in sideways ranges. Like other major meme currencies, it has not kept pace with the digital currency market, which has grown sharply since the second half of last year.

Ultimately, trading these types of digital currencies is a game of chance.