PEPE price targets 200% gains despite Solana Memes Dominance

Insights:

PEPE price continues to hold firmly above the $0.00008 territory, on Tuesday, March, on-course to end the month with 200% gains. On-chain data shows that  PEPE’s resilient performance in the past two weeks has defied media trends.

Is PEPE poised to erase another zero at the next wave of positive media spotlight?

PEPE flying under the radar as Solana Memes Dominate Media Trends

With a market cap is excess of $3 billion, PEPE is currently second-largest memecoin project on the Ethereum network behind Shiba Inu (SHIB).

As the global memecoin sector rally intensified in late February, PEPE quickly raced to an all time-high of $0.00001064 on March 14. Since then, investors overwhelmingly shifted attention towards the Solana-hosted memecoins like Dogwifhat (WIF), BONK, and Book of Memes (BOME).

Santiment’s Social Dominance chart below shows the percentage of media mentions a cryptocurrency project pulls in comparison to a pool of top 50 most talked about project. It serves as a proxy for measuring the level of media buzz surrounding an asset.

The chart above shows that since the peak media buzz recorded on March 4, the PEPE Social Dominance has dipped from 2.15% to hit 0.72% at the time of writing on March 26.

During that period, the newer Solana memecoins have dominated the media trends tables, as the likes of WIF and BOME surged to new all-time highs.

But despite the dip in PEPE’s media traction, it has maintained a resilient price action. Since rejecting at the all-time-high of $0.0001 on March 14, PEPE has held on to most of its gains finding steady support above the $0.00008 territory.

As things stand PEPE is on course to end March 2024 with over 200% month-on-month gains.

Strategic investors looking to enter new markets often seek out strong performing assets with minimal media hype.

Hence. this resilient price performance in the second half of March, under the media radar, could put PEPE in good stead for another major breakout in the coming weeks.

PEPE price forecast: Bulls looking to build on 200% gains

Based on the on-chain insights analyzed above, PEPE price looks set to enter another leg-up above $0.000010 in the coming weeks.

Existing investors are holding on to their tokens, despite 200% gains and minimal media traction. This alignment could attract eagle-eyed new entrants, the demand surge could propel PEPE price into another parabolic break out.

The Bollinger bands technical indicator also affirms this stance. It shows that PEPE has just broken below the 20-day Simple Moving Average (SMA) price.

Strategic trader could interpret this as a perfect timing to enter the market. If the bullish scenario plays out, the bulls could set their sights on the $0.000012 area, just above the previous market top.

But on the downside, the bears could seize the momentum and drive price down toward $0.00005. However, that seems unlikely, considering that majority of holders have shows reluctance to sell in recent weeks.