PEPE has seen its best day in the last couple of weeks as the meme coin is finally trading in the green once more. This recovery is out of left field given the meme coin hype died down about two weeks ago as investors moved on to better things. However, this recovery could signal a recovery and eventual return of the coveted ‘meme season.’
PEPE Sees 15% Gains In One Day
PEPE emerged as one of the best performers in the last day after an impressive 15% rally. The jump in price saw it go from trending at $0.00000098 to recovering above $0.0000012 again in a matter of hours. This recovery accounts for the highest single-day jump that the meme coin has seen since May 23.
The recovery comes after the meme coin has spent the last three weeks on a consistent downtrend, leading to it trading well below 60% of its all-time high value. And even as the rally has cooled off and the meme coin has begun to correct back downward, it is still holding on to the majority of its Tuesday’s gains.
PEPE is now the second-highest gainer in 24 hours, only behind Stacks (STX) which rose over 21% during the same time period. The meme coin’s volume is also up significantly, sitting at $287.4 million, which could point to a rise in buying pressure.
PEPE is the second-highest top gainer | Source: Coinmarketcap
With the jump in price, PEPE’s market cap has returned back above $437 million, making it the 87th largest cryptocurrency in the market. However, the digital asset is still seeing losses on the weekly chart as it’s down 10.92% in the last seven days.
Is Meme Coin Season Back?
Although PEPE’s recovery has been impressive, there has been no indication that the meme coin season is returning as a result of this. It is evident in the performance of other meme coins which have maintained their low momentum and are even seeing losses as well.
PEPE recovers above $0.00000112 | Source: PEPEUSD on TradingView.com
For example, Dogecoin (DOGE), while up in the last 24 hours, is only seeing meager gains of 1.7%. Its rival Shiba Inu (SHIB) is still nursing losses, down 1.3% on the 24-hour chart, and 6.8% on the 7-day chart. The same rings true for the likes of Floki Inu (FLOKI) and Baby Doge Coin (BABYDOGE) which continue to bleed both on the daily and weekly charts.
PEPE’s recovery looks isolated for now and could remain so in the near future. It is also likely that this recovery won’t last and the meme coin will fall back into the general bearish trend of the market. If this happens, then the coming days could wipe out all of its gains from the past day.
Nevertheless, PEPE is still seeing a good bullish push as it is trading at $0.00000112 at the time of this writing.