Peype Coin is up 28,938.53%! Is the $500M market cap sustainable?
The ever-changing world of crypto offers investors new opportunities every day. This time it's a pip coin. Just as Pepe is a green frog, so is Pepe a red frog. It was launched by Uniswap in June, paired with wETH. Soon Paype found its place on major international exchanges such as Poloniex, Elbank and Get.io.
The rise of Pepe
PeiPei ranked highest among the top 500 earning tokens and generated the highest revenue. In the last 24 hours, this red frog meme token has seen a 51.70% increase in its trading volume.
Since its inception in June, PeiPei has experienced an incredible 28,938.53% increase, reaching its high (ATH) yesterday.
Peep's strong charts
Currently, PeiPei is riding its major moving averages (MAs). After a 19.58% decline from ATH, meme token is now trading at $0.063129.
The Fibonacci tool shows high resistance at $0.063848. The current price is a support zone, with the strongest daily support at $0.062502. If PeiPei falls from the current support, the next support, according to the Fibonacci tool, will be near $0.062940.
Society
A month after its launch, Red Frog has nearly 27,000 owners. At its peak, PeiPei recorded a market value of $163.17 million, and its current market value is $136.01 million.
The MACD shows higher volatility, but the RSI shows that it is oversold and in need of a correction. If it breaks down, $0.062940 should act as support for the Fibonacci device.
With 15.7k followers on Paypay's official Twitter handle, the community quickly gained a large following. The official handle posted a screenshot of a significant purchase by an unknown whale worth 68.60 ETH, a very positive sign. Dexscreener shows high transaction rates for this meme token.
If the developer keeps up the momentum, it is very likely that Red Frog will reach a market value of 300 million to 500 million dollars in a short period of time. Memcoins are highly volatile, so investor discretion is advised.
