Memecoins
PeiPei digital currency surges 28,000%, targets $500 million market cap
Yesterday’s trends are now history: the world of cryptocurrency is changing fast!
Today’s hot topic is PeiPei coin, a vibrant red frog meme token that’s making waves. Launched just a month ago on Uniswap, PeiPei is enjoying explosive growth and is already listed on major exchanges like Poloniex, LBank, and Gate.io.
Here’s everything you need to know!
The Rise of PeiPei
PeiPei has become one of the top gainers, securing the leading position among the top 500 gaining tokens. In the last 24 hours, this red frog meme token has seen its trading volume increase by 51.70%.
Source: CoinMarketCap
Since its inception in June, PeiPei has seen a staggering rise of 28,938.53%, reaching its all-time high (ATH) yesterday.
Source: Dexscreener
Understanding market trends
Currently, PeiPei is trading along its major moving averages (MAs). After a 19.58% drop from its ATH, the meme token is now trading at $0.063129. The Fibonacci tool shows major resistance at $0.063848.
Source: Dexscreener
The current price is in a support zone, with the strongest daily support at $0.062502. If PeiPei drops from its current support, the next support level, according to the Fibonacci tool, will be near $0.062940.
Source: Dexscreener
Just one month after its launch, PeiPei has gained nearly 27,000 holders. At its peak, PeiPei recorded a market cap of $163.17 million, with the current market cap standing at $136.01 million.
Source: Dexscreener
The MACD indicates a strong uptrend, but the RSI shows that it is oversold and a correction might be necessary. If it falls, $0.062940 should act as support according to the Fibonacci tool.
Source: Dexscreener
The official PeiPei Twitter account quickly amassed a sizable following, with a community of 15.7k followers. The official account posted a screenshot of a large purchase worth 68.60 ETH by an unknown whale, a very positive sign. Dexscreener shows high trading rates for this meme token.
Source: Twitter
If the developer keeps up the momentum, Red Frog has a good chance of reaching a market cap of $300-500 million in a short period of time. However, meme coins are highly volatile, so investors should exercise caution.
PeiPei’s rapid rise and growth of his community is a testament to his potential, but only time will tell if this red frog can reach new heights.
Do you think PeiPei has the potential to become the next big meme coin?