In April 2023, PEPE exploded in the meme coin market and achieved one of the most remarkable performances for any meme coin to date.
However, in May 2023, PEPE suddenly entered a continuous downward spiral and lost about 80% of its all-time high value. But this is starting to change as it experiences a triple-digit increase in a single day, sparking hope for the comeback of the renowned meme season.
The rapid increase in PEPE’s price is fueling speculation about the return of the meme season, further driven by the fact that other meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB) are also experiencing a recovery.
Despite PEPE’s price recovery following the overall trend of Bitcoin, significant accumulation behind the scenes is one of the reasons why it stands out in the market. Part of this is attributed to a whale purchasing 3.43 trillion tokens. With such a large transaction, it is expected to play a crucial role in rapidly increasing the asset’s price.
Currently, PEPE is still maintaining a significant upward momentum, but it remains to be seen whether the price speculators can sustain the current trend. If they fail to hold the support level at $0.0000014, a drop to $0.0000012 is likely to occur.