Pepe has increased by 7% in the last 24 hours, with its price moving to $0.0000207 as the broader crypto market experiences a welcome recovery.
Pepe faced difficulties throughout the past week, but a bounce on New Year’s Day helped it recover lost ground, bringing the meme token up by 18% over seven days.
However, it’s only 1% higher compared to last month, prompting questions about its potential to reach the all-time high achieved in early December during the post-election bull rally.
Despite this, Elon Musk recently gave it a boost by briefly using Pepe as his X profile image, positioning the coin for a strong rally this year.
Pepe was struggling in the days leading up to the New Year, with Christmas Day not providing any uplift. It has since rebounded following Elon Musk’s change to his X profile picture featuring Pepe.
Interestingly, Pepe fell again after the Musk-induced rally but has since risen by 7.5% from a 24-hour low of $0.00001915.
Pepe’s 24-hour trading volume indicates renewed momentum, climbing from $2 billion to $2.3 billion within hours this morning.
The chart shows promising signs, with the relative strength index rising back to 70, indicating buying pressure.
Additionally, after surpassing the 200-period average on New Year’s Eve, the 30-period average continues to rise, suggesting that Pepe has re-entered a growth phase similar to the rest of the market.
Beyond recent overselling, there are fundamental reasons for this, such as the upcoming inauguration of Donald Trump in the US.
While some warn this could be a sell-the-news event, it might also initiate a period of positivity for crypto.
With Paul Atkins set to become the new SEC Chair, there’s potential for a shift in the SEC’s stance on crypto, alongside Congress potentially passing pro-crypto legislation, and Trump possibly issuing supportive executive orders early in his term.
In this context, Pepe is as likely to rally as any other meme coin, with its ownership numbers steadily increasing.
It could potentially reach $0.0000250 in the coming weeks and $0.000035 by the second quarter.
“JUST IN: @elonmusk has updated his name and PFP on X: Kekius Maximus the Pepe Gamer. $PEPE is up 16% on the day, after the PFP change. Is Elon Team Pepe?” — Alpha First (@AlphaFirst_) December 31, 2024
“Trump’s pick for SEC Chair, Paul Atkins, runs a consulting firm that previously lobbied for FTX. Is the Wild West of crypto on the horizon?” — Michael A. Gayed, CFA (@leadlagreport) December 27, 2024
