Roaring Kitty's Return Spikes Pepe Cryptocurrency to Surpass Ethereum Classic
Summary:
The cryptocurrency Pepe (PEPE) hit a new record high, surpassing Ethereum Classic to become the 23rd largest cryptocurrency by market value. This surge coincided with the return of 'Roaring Kitty', a notable figure in the 2021 meme stock boom. This resurgence also triggered an uptick in other meme stocks and memecoins. However, the provided information doesn't serve as investment advice or recommendations.
The cryptocurrency, Pepe (PEPE), has realized a value of $0.000010 per unit for the first time since mid-March, according to statistics from Cointelegraph Markets Pro and TradingView. PEPE has seen a 34% surge in the last day to reach a record peak of $0.00001119 on the Binance platform.
PEPE's trading volume has seen a 245% hike in the past day to achieve $1.56 billion, and its market capitalization is now $4.31 billion. This growth means that PEPE has now outperformed Ethereum Classic (ETC) to rise as the 23rd most valuable cryptocurrency.
The increase in PEPE's worth aligns with the resurgence of the 'Roaring Kitty' account, belonging to Keith Gill, on social media platform X. This account, which has lain inactive since June 2021, stirred to life on May 12. It posted an image that was widely interpreted as representing intense centralisation or 'locking in.'
Gill was a central figure in the meme stock boom of 2021, during which stocks such as GameStop and AMC Entertainment skyrocketed over 1,000% by year's end. The recent resurgence of his account coincides with the latest uptick in PEPE's value.
For PEPE's value to continue to ascend, it must remain above a key resistance level that has propped up its value since March. This level lies between $0.00000875 and $0.000010. The relative strength index (RSI) suggests a similar trajectory to the price, demonstrating the strength of buyers in this market.
However, if PEPE falls below $0.00000875, it could potentially sink towards the $0.0000070 and $0.0000080 demand zone, as determined by the 20-day and 50-day exponential moving averages.
Data from DEXTools indicates that the revival of the Roaring Kitty account resulted in a 550% surge for the GameStop memecoin and a whopping 1,200% leap for the AMC token on the Solana platform. More well-known memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) saw increases of 5% and 7% respectively.
Stocks connected to Gill and other similar 'meme stocks' also experienced growth. GME stock prices soared to 44% during pre-market trading and hit 110% up at market opening. The cinema company AMC Entertainment Holdings rose by 12% pre-market, then saw growth of 25% at the stock market opening.
The provided information is without investment advice or recommendations. Investment and trading come with inherent risks and everyone should research meticulously before making an investment decision.
Published At
5/14/2024 2:15:00 AM
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