PEPE Price Hits All-time High as GameStop (GME) Sparks 90% Rally

PEPE price soared to an all-time high of $0.000012 on May 14, 2024 as the resurgent GameStop (GME) saga bled into the crypto memecoin markets. 

Gamestop Saga Resurfaces, Catapulting PEPE to All-Time High

The GameStop saga of 2021 has resurfaced as the GME stock price surged by 40% on May 14.

Early market signals and Reddit comments suggest that the rally is mainly driven by lingering nostalgia from the infamous rally in 2021, which saw institutional Bear traders suffer billions in liquidated Short contracts as retail traders piled on Long positions.

But this time, the retail bullish sentiment surrounding Gamestop (GME) price action has bled into the crypto markets, sparking a wave of memecoin craze. Interestingly, PEPE price which has been on a tear since the start of May 2024, has emerged one of the most sought-after crypto memecoins amid the resurgent Gamestop rally.

Recall that an FXEmpire report on May 11 had highlighted signals of an impending PEPE price breakout. As depicted in the chart above, PEPE’s latest price surge on May 14, brings it growth performance for the month to the 90% mark. And notably, the $0.000012 daily timeframe peak represents an all-time high for Ethereum‘s largest memecoin project by market capitalization.

Social Media Traction Surges to 40-Day Peak

With Gamestop’s parabolic rally dominating social media and search engine trends tables, vital on-chain data metrics shows a starkly similar catalyst emerging within the memecoin markets this week.

Indicatively, Santiment’s Social Volume score chart below tracks the number of times a specific cryptocurrency is mentioned across relevant media channels including Telegram, Reddit, X (formerly Twitter), etc.

As seen above, PEPE Social Volume score has reached a 40-day peak of 350 on May 14. Strategic investors often interpret spikes in social volume during price uptrends as a prime indicator that the is market is nearing a  euphoric top.

More so, historical data shows that PEPE last hit peak social traction score above 200 on April 1 and April 23 respectively. And curiously, a rapid price dip followed on both occasions.

Hence, going by historical trends PEPE social volume score crossing 350 on May  14, could be a precursor to a major correction phase in the coming days.

However, with the Gamestop media rave still unfolding, there’s a chance that the bullish tailwinds could drive PEPE price to new peaks, especially if GME keeps racing up the top gainers’ charts.

PEPE Price Forecast: $0.000020 Rally Still in Play

PEPE price is hovering above the $0.000010 mark at the time of publication on May 14, 2024, having retraced mildly from the daily timeframe peak of $0.000012. However, the Bollinger band indicator suggests PEPE price could be setting up for another bullish upswing towards $0.00002 in the coming days.

As seen below, despite the mild correction on May 14, PEPE price is still holding up above the upper-limit Bollinger band at $0.000099. This confirms that the broader sentiment surrounding PEPE short-term market momentum is still dominantly bullish.

Furthermore, speaking to DLNews, Quinn Thompson, founder of Lekker Capital also alluded to Gamestop’s impact on PEPE price action.

“Crypto has been lacking new retail entrants this whole way up, It makes sense for crypto memes to catch a bid on hopes that retail is coming back, because the brutality of the crypto winter hasn’t exactly helped retail participation,”

– Quinn Thompson, Founder, Lekker Capital.

On a bearish note, if the historically divergent pattern between social media euphoria and PEPE price action reoccurs, a reversal towards the 20-day Simple moving average (SMA) level at $0.0000081 could be on the cards.