PEPE reclaims $2B market cap – Can memecoin FOMO lift altcoins?

Is PEPE the catalyst for Q4’s altcoin cycle, or is the “hype” nearing its end? From a technical perspective, PEPE has been one of the bullish weekly performers, surging more than 10% and returning to the $0.000005 price range. But this is a critical resistance level that PEPE has struggled to overcome since the October crash, which makes it susceptible to a pullback. Notably, the on-chain data further supports this bearish scenario. As observed in the chart below, PEPE’s exchange supply dropped by 4.77 trillion tokens on the 16th of October, which coincided with significant exchange outflows and a 13% price rally between the 17th and 22nd of October. However, BTC and ETH remained largely flat.

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