PEPE Hits New All-Time High, Meme Coin Could Extend GainsCRYPTOCAP:PEPE , a frog-themed meme coin, has reached a new all-time high at $0.00001725 on Monday, May 27. The asset has rallied 81% in the past seven days on Binance, adding 81% to its value. Meme coins have consistently extended gains in the ongoing cycle, alongside a rally in Bitcoin, Ethereum, and other cryptocurrencies in the top 20 assets by market capitalization. Dogecoin ( CRYPTOCAP:DOGE ), Shiba Inu ( CRYPTOCAP:SHIB ), Pepe ( CRYPTOCAP:PEPE ), and Solana-based meme coins have rallied on several occasions since the approval of Spot Bitcoin Exchange Traded Funds (ETFs) early in 2024.
Data from crypto intelligence tracker Santiment shows a massive spike in CRYPTOCAP:PEPE 's active addresses and social dominance between May 20 and 27. Active addresses nearly doubled in the timeframe, and social dominance climbed from 0.81% to 3.55% in the same period. Santiment data reveals that CRYPTOCAP:PEPE supply on exchanges is nearly at the same level as May 20, posting a 0.3% increase between May 20 and 27.
CRYPTOCAP:PEPE has been in an uptrend since April 14, with an impulsive upward move noted on May 20 and 21. The Moving Average Convergence Divergence (MACD) supports CRYPTOCAP:PEPE price gains with green histogram bars above the neutral line, suggesting positive underlying strength in the meme coin's price uptrend. The Relative Strength Index (RSI) reads 78.04, well above the neutral boundary at 70, suggesting that CRYPTOCAP:PEPE could extend gains further.
Traders opening a long position should be cautious while RSI is in the overbought zone on the 1-day timeframe. CRYPTOCAP:PEPE could extend gains by nearly 25% to 127.2% Fibonacci extension of the rally from the April 13 low of $0.00000393 to the May 27 peak of $0.00001725.
