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PEPE, a frog-themed meme cryptocurrency, has seen a dramatic rise, marking a 91% increase over the past month.
This surge has propelled it to the position of the most profitable token among prominent meme coins.
The meme coin achieved an all-time high of $0.00001718 on May 27, reflecting a bullish sentiment in the market.
According to data from IntoTheBlock, an impressive 96% of PEPE holders are currently in profit due to this price rally.
What about other meme coins?
While PEPE leads the pack, FLOKI remains the second most profitable meme coin with approximately 89% of its holders enjoying returns.
In contrast, more established meme cryptocurrencies like Dogecoin (DOGE) and Shiba Inu (SHIB) are significantly down from their all-time highs, with decreases of 78.5% and 70.5%, respectively.
PEPE’s current decline of 21.5% from its ATH is relatively modest in comparison, highlighting its resilience amid broader market fluctuations.
PEPE has fallen 12% in last 24 hours
Despite its recent success, PEPE has experienced a 12% decline in the last 24 hours, trading at $0.00001333 at the time of writing.
The exchange dynamics, as reported by Santiment, show a net inflow of approximately 310 billion PEPE tokens over the past three days, suggesting some investors might be moving towards a sell-off due to fear, uncertainty, and doubt (FUD) influenced by the overall bearish market momentum.
Furthermore, the Relative Strength Index (RSI) for PEPE has decreased from 77 to 67 in the same period, indicating that the coin is still in the overbought territory but is heading towards a consolidation phase.
A further drop below an RSI of 50 could potentially lead to a steady price increase as the market adjusts.
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