PEPE gets overheated with 13% price surge in 24 hours

The price of Pepe Coin (PEPE) is gaining upward momentum after a week of continuous declines.

PEPE is up 13.5% in the last 24 hours and is trading at $0.00000694 at the time of writing. The market cap of the asset rose to $2.92 billion, making it the 35th largest digital currency.

PEPE price, RSI, active addresses and stock market activity – May 2 | Source: Santiment

Moreover, the daily transaction volume of memecoin increased by 24%, reaching 1.14 billion dollars.

Inspired by the popular Pepe The Frog meme from the 2000s, the Pepe token was created in April 2023. The asset has gained 12,200% since its creation, reaching an all-time high of $0.0000107 on March 14, reaching a market capitalization of $4.2 billion. .

It is important to note that PEPE is currently the third largest meme coin after Dogecoin (DOGE) and Shiba Inu (SHIB).

According to data provided by Santiment, inflows to the PEPE exchange dropped from 5.57 trillion tokens to 5.47 trillion tokens in the last 24 hours. However, foreign exchange outflow recorded a small increase and is at the level of 6 trillion PEPE.

This market behavior suggests that investors are hoarding some of the meme money rather than selling it for short-term profit.

Data from the market intelligence platform shows that the number of daily active addresses for Pepe has increased steadily over the past three days; The number of unique wallets increased from 2,670 on April 29 to 3,249 during the reporting period.

When the price increases with the number of active addresses, lower price volatility is generally expected due to the reduced possibility of whale manipulation.

On the other hand, the PEPE Relative Strength Index (RSI) rose from 64 to 72, showing signs of overheating, according to Santiment. At this point, the RSI indicator shows that PEPE is moderately overvalued and high price volatility is generally expected in these market conditions.

An RSI below the 50 level could potentially indicate further price gains for PEPE.