Could Pepe price rise 35% as smart money sells?

The price of Bibi coin continued its strong recovery after falling to a monthly low of $0.0000144 in December.

baby (baby), the third largest meme in cryptocurrencies, rose to a high of $0.00002175, its highest level since December 18. The token has jumped about 50% from its December low.

Pepe’s recovery is in line with the broader recovery in meme currencies. Dogecoin (Doug), the largest memecoin, is up more than 20% in the past seven days, while ai16z, Fartcoin, and SPX6900 are all up more than 50%. The total market cap of all cryptocurrencies has now risen to over $125 billion.

Baby’s mutation also coincides with signs of accumulation. According to data from Nansen, the total number of tokens on exchanges decreased by 0.70% over the past week to 235.85 trillion. Total supply on exchanges has now fallen to 56%.

However, a major risk remains that smart money participation in Pepe has declined in recent weeks. Nansen data shows that the number of smart money holders fell from 107 in November to 87 today.

The number of tokens held by these investors also decreased, reaching a low of 6.9 trillion tokens, the lowest level since January of last year.

One possible reason for this decline is that too much… Meme coin Investors began to diversify into other coins. Additionally, there are now thousands of meme currencies, with newer projects such as Pudgy Penguins, Fartcoin, and Peanut the Squirrel gaining market share.

Pepe coin price analysis

The daily chart shows that Pepe bottomed at $0.0000144 in December, forming a hammer candlestick pattern. This pattern is characterized by a small bullish body with a long lower shadow and is often seen as a reliable reversal signal.

This hammer pattern was significant because it formed part of a breakout and retest setup, where the token dropped to $0.00001720, the upside of a cup and handle formation.

Baby also remained above the 50-day and 200-day EMAs, which is a positive sign. Additionally, the token crosses the weak stop and reversal point on the Murrey Math Lines indicator.

Therefore, the coin is likely to continue rising, with bulls targeting an all-time high of $0.00002840, which is about 35% higher than the current level. A move above this level could push the price to the maximum breakout point of $0.00002980.