- Pepe saw its second-highest price rise in history.
- The total supply in profit has also hit a historic point.
Pepe [PEPE] has displayed a series of strong performances recently, experiencing significant leaps in its price. The latest surge has resulted in a notable increase in the number of tokens in a profitable position.
Pepe continues its historic rise
Pepe has demonstrated remarkable volatility, experiencing a daily surge of over 40% for the second time within a seven-day period.
An analysis of the daily timeframe chart showed that on 1st March, it concluded its trading session with an impressive 45.62% increase.
This surge added to its recent series of strong uptrends, following a 32% increase on 26th February and a record-breaking 47.51% spike on 27th February. The Spike on 27th February marked its highest single daily increase to date.
Source: Trading View
A comprehensive analysis using the price range tool also showcased an overall surge of approximately 250% in the last seven days. Pepe was trading at the time of the writing with an additional increase of over 1%.
Furthermore, an examination of its Relative Strength Index (RSI) indicated a historic position. At the time of this writing, the RSI was approaching 86. This positioning of the RSI showed that Pepe was not only in a strong bull trend but also highly overbought.
Notably, this marked the first instance in its history of trending in such a position.
PEPE volume drops below $2 billion
Pepe’s volume, as analyzed on Santiment, witnessed a remarkable surge, surpassing $2 billion on 28th and 29th February.
Before this surge, the highest recorded volume had been below $400 million. At the time of this writing, the volume was around $1.9 billion, with the potential to reach the $2 billion threshold once again.
The volume surge indicates increased transactions accompanying the asset’s price rise.
Source: Santiment
Furthermore, the consistently positive price trend suggests buyers’ dominance in recent days’ transactions, contributing to the notable increase in volume.
100% profit for PEPE
Pepe’s recent series of impressive price hikes has translated into a profitable situation for its holders. Analysis of the total supply in profit on Santiment showed that over 420 trillion units were in a profitable position.
Source: Santiment
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Notably, the analysis of the percentage in circulation indicated that, at the time of this writing, it stood at 100%. This marked the first instance in its brief history where the total supply was in profit.
This unique scenario, where 100% of the total supply is in profit, could motivate traders to buy more. Such a trend might lead to further price increases in the upcoming days.