PEPE Soars by 27% Weekly: Can it Flip SHIB Next?

The meme coin PEPE has increased in value by 27% over the past week, reaching a price of $0.00001307. Its market capitalization is now around $5.5 billion, making it the 34th largest cryptocurrency and the third-largest meme coin. Some analysts predict further gains for PEPE, with one suggesting it could overtake Shiba Inu (SHIB) as the second-biggest meme coin. Bullish technical patterns, such as an inverse head and shoulders formation, have been observed on PEPE's price chart. A whale recently purchased 227.8 billion PEPE tokens for approximately $2.7 million. However, PEPE's Relative Strength Index (RSI) is approaching 70, which could indicate that the asset is overbought and might experience a short-term price correction.