PEPE had an undervaluation index score of 4.2, meaning that it was undervalued.
Buying pressure on PEPE was high, as was whale accumulation.
After a promising one-month bull rally,Pepe’s [PEPE] growth momentum seemed to have declined on 8th November. However, things were quick to shift in the meme coin’s favor as its price rallied in double digits in the last 24 hours.
Upon checking, AMBCrypto found out a possible reason that could have fueled this surge.
PEPE is back on track
PEPE had a promising rally last month, outperforming most cryptos as its price surged by more than 90%.
However, its price chart turned red on 8th November, saddening investors as it suggested an end to the meme coin’s bull run. But PEPE had other plans, as its price once again gained bullish momentum.
According toCoinMarketCap, PEPE was up by over 13% in just the last 24 hours.
At the time of writing, it was trading at $0.000001344 with a market capitalization of over $560 million. The good news was that its price rally was accompanied by a 40% hike in its trading volume.
A possible reason behind this surge could be thememe coin being undervalued.
Cryptolaxy posted a tweet highlighting the fact that PEPE had an undervaluation index of 4.2.
For starters, the undervaluation index reveals whether the price at which an asset is trading is actually the price it should have been valued at. Therefore, the possibility of a price uptick seemed likely.