After weeks of price falls, the frog-themed cryptocurrency Pepe (PEPE) is displaying an intriguing recovery. PEPE has risen by around 17% during the past seven days.
Surprisingly, the cryptocurrency with a frog motif is also up, holding gains from the previous day.
As meme currency traders bet on the frog-themed commodity, Pepe’s 24-hour trading volume has increased by 111% to $88.36 million. At the time of writing, PEPE has slightly increased in value over the previous day to $0.00000071.
Pepe underwent weeks of decline after the sale of 16 trillion tokens worth around $15 million from the project’s multi-signature CEX wallet. The tide changed, though, and PEPE recovered from its low point of $0.0000006 on September 22.
PEPE soared to $0.000000768 in intraday highs before encountering resistance, which led to a minor price down.
Though on-chain data show a minor rise in its social debates, the precise cause of PEPE’s recent growth is uncertain.
PEPE sees slight uptick in social discussions
Following months of price decrease, Santiment, an on-chain analytics company, observed in a recent tweet that joke currencies including PEPE, Dogecoin, Dogelon Mars, and Shiba Inu appear to be off traders’ radar. For instance, the total asset conversation rate for Dogecoin is at its lowest level since 2020.
https://x.com/santimentfeed/status/1707120729244963141?s=20
“Memecoins are displaying a lesser ratio of overall trader interest than they have in some time since altcoins have experienced more drops than gains since the mid-July local high of the crypto market. Particularly, since 2020, DOGE has seen the lowest conversation rate, tweeted Santiment.
However, based on the dropping values of popular meme currencies like Shiba Inu and Dogecoin, it appears that investors are losing interest in meme coins.
Despite the lack of social conversations seen for this class of assets, PEPE had an increase in social conversations since its price increased 17% over the previous week.
