As the whole cryptocurrency market fell on Monday, the frog-themed cryptocurrency Pepe (PEPE) experienced a little gain.
PEPE has gained 1.44% in the last 24 hours to reach $0.0000006861 at the time of writing. This is noteworthy since most cryptocurrencies had negative trading, with Bitcoin falling by more than 2% to trade close to the $26,000 level.
The trading volume of PEPE has surged by more than 55% during the past 24 hours, raising the possibility that frog-themed cryptocurrency demand has finally recovered. The number of trades for PEPE tokens increased significantly over the previous day, reaching over $65 million.
Despite a minor increase, the price of PEPE has mainly remained steady since mid-July, when it reached a peak of $0.00000188.
PEPE is still limited to a price range below its daily MA 50, which is $0.00000089. Additionally, the daily RSI continues to remain below the neutral 50 level, suggesting that the consolidation might continue for a little bit longer until the next significant move.
The frog-themed cryptocurrency asset is not showing any signs of a positive recovery, according to on-chain data. Where PEPE now stands in this context is suggested by the “Asset Activity Matrix” Santiment indicator model, which has been upgraded to indicate a new Hot and Cold tab to show how much network activity is growing or shrinking in terms of on-chain and social activity.
The asset activity tracker makes altcoins like PEPE stand out as being inactive assets. These tokens, including PEPE, have had unusually little activity during the past 90 days.
The story of PEPE has changed when three former team members stole 16 trillion PEPE tokens, or 60% of the 26 trillion PEPE tokens in the multisig wallet, as a result of an internal struggle.
Not helping things was the revelation made on September 9 by PEPE’s official X account that there had been a security breach in the Pepe Telegram account. The previous Telegram account has allegedly been compromised and is “no longer” in the team’s control, according to the message.
