Pepe rallies 40% in 24 hours, what next?

ambcrypto.com:

Pepe [PEPE] has astounded investors with its latest bull rally as its price skyrocketed in the last 24 hours. Thanks to the uptrend, the memecoin was able to recover a substantial amount of market capitalization, which it lost during the bear market. 

Realistic or not, here’s PEPE’s market cap in BTC  terms

 An increase in buying pressure on PEPE was also observed. If things move in the same direction, PEPE’s market cap might touch $1 billion again. 

PEPE gives a laudable performance 

According to CoinMarketCap, PEPE’s price increased by nearly 40% in the last 24 hours. At press time, it was valued at $0.000001507 with a market capitalization of over $590 million.

The latest rally helped the memecoin to climb up the list of the top cryptos, as its rank improved to 66. The good news was that along with the price, PEPE ’s trading volume also surged by more than 200% in the last 24 hours. This legitimized the uptrend. 

Not only that, but Lookonchain’s latest tweet revealed that the memecoin was also under buying pressure. As per the tweet, a whale spent 4.54 million USDC and 150 ETH worth $287,000 to buy 3.43 trillion PEPE. 

The whale made ~$11.47M on $PEPE for the first time and lost ~$741K on $PEPE for the second time. pic.twitter.com/SeS8P7jaQ3

— Lookonchain (@lookonchain) June 22, 2023

A similar trend of increasing accumulation was also seen on Santiment’s chart. The data showed that the token’s supply on exchanges declined sharply while its supply outside of exchanges increased, reflecting investors’ willingness to buy the memecoin.

The accumulation trend was further proven