After Bitcoin (BTC) exceeded the $34K threshold, certain meme coins started experiencing some remarkable movements, and Pepe (PEPE) was no exception. It now seems like PEPE is picking up some positive momentum again after there were significant disagreements within the PEPE development community over the past few weeks.

Certain prominent developers sold tokens from their multi-sig wallets without permission, resulting in a sudden decrease in PEPE’s value. However, the current Pepe leadership has assured the community that they have removed the individuals responsible for these actions and they intend to shift their attention purely towards developing PEPE going forward.

A recent X post shared by the market intelligence platform, Santiment, also reassured PEPE traders. According to the post shared yesterday, PEPE’s supply on exchanges has been rapidly falling after BTC’s breakout, which could suggest that PEPE holders are not planning to dump their tokens any time soon.

🪄🐶🐸 #Memecoins are on traders’ minds as #altcoins enjoy the benefits of #Bitcoin redistributing as it climbs to $31K. Over the past week, $PEPE (+16%), $ELON (+57%), and $BITCOIN (+36%) are climbing as their supplies move in different directions.

— Santiment (@santimentfeed) October 23, 2023

At press time, PEPE occupied the 4th spot on CoinMarketCap’s trending list after the meme coin saw its price surge by more than 31% in just the past 24 hours. As a result, PEPE was trading at $0.00000097 after it was able to set a high price of $0.000001044.

PEPE / Tether US 1D (Source: TradingView)

Along with its price jump, PEPE’s 24 hour trading volume ended up surging by over 204% throughout the past day. As a result, the altcoin’s volume increased to $381.92 million. PEPE’s market capitalization rose to $369.93M, which ranked it as the 90th largest cryptocurrency.

This meant that PEPE was positioned right behind Compound (COMP) in the 89th spot with its market cap of $370,027,479. The past 24 hours was not the only time frame that was kind to PEPE, as the meme coin recorded major increases on its longer time frames as well.

PEPE’s price was able to soar by more than 40% in just the past seven days. Additionally, the altcoin’s price was up by about 39.06% on its monthly time frame as well. It seems like the tide could be turning for the frog-inspired token.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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