As an analyst with a background in cryptocurrency and market trends, I find the recent surge in meme coins, particularly PEPE‘s new all-time high, intriguing. The timing of this rally is noteworthy, as it coincides with the return of social media personality Keith Gill, also known as “Roaring Kitty,” to his platform after a three-year absence.
Meme coins are rallying, with PEPE leading the charge to a new all-time high of $0.00001096.
As a market analyst, I’ve noticed an intriguing development in the ongoing stock market saga. The recent rally can be attributed to none other than Keith Gill, who goes by the moniker “Roaring Kitty,” reemerging on his social media platform, X, after a prolonged absence of three years.
PEPE Hits All-Time High
I’ve experienced an exhilarating rise with PEPE recently. The coin has broken through the resistance level of $0.000010 for the first time since March 15th. At present, I’m seeing a trading price of $0.00001086, representing a significant 22% surge within the last 24 hours, based on information from CoinGecko.
The trading volume of the coin has significantly increased by approximately 290.5%, reaching a total of 2.14 billion dollars. Consequently, its market capitalization has grown to 4.35 billion dollars, placing it as the 28th largest cryptocurrency in terms of value.
Based on TradingView’s statistics, PEPE‘s recent price increase can be attributed to a bounce back from its ascending trendline, which has been active since mid-April. This uptrend has propelled PEPE above a significant resistance area, ranging between $0.00000875 and $0.000010.
When the price is rising and the Relative Strength Index (RSI) reaches 70, this signifies strong buying power among investors.
If the price of the asset takes a dip and falls below the current uptrend line at $0.00000875, it could trigger a pullback towards the support zone around $0.0000070 and $0.0000080. The 20-day and 50-day exponential moving averages provide additional reinforcement to this demand area.
Meme Coin Rally
PEPE’s achievements correspond with the reappearance of Keith Gill, whose “Roaring Kitty” profile on X-Platform had been inactive since June 2021. On May 13, this account came back to life with a post displaying an illustration of a man intently gripping a controller.
— Roaring Kitty (@TheRoaringKitty) May 13, 2024
On X and Reddit, some users understood Gill’s statement as indicating a concentrated effort or commitment, often referred to casually as “locking in.” One individual responded with “What are we going to buy then?” while another commented, “Perfect timing for the meme coin boom cycle.”
Gill played a pivotal role in the meme stock craze of 2021, leading to astronomical gains – over 1,000% – for companies like GameStop and AMC Entertainment by the year’s close.
As a crypto investor, I’ve witnessed firsthand the impact of Roaring Kitty’s return on the meme coin market. The Solana-based GameStop memecoin (GME) saw an astonishing surge of over 350%, while AMC token experienced an impressive increase of more than 900%. Even established meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) weren’t left behind, with modest rallies of 7% and 7.5%, respectively, according to CoinGecko data.
On Monday, stocks linked to Gill and meme-driven companies saw significant gains. Pre-market trade for GameStop saw a 44% rise, while post-market open brought about an astounding surge of 110%. AMC Entertainment Holdings similarly experienced a lift in pre-market trading by 12%, followed by a 25% jump at the Wall Street opening bell.
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2024-05-14 11:55