The meme coin market is heating up again, with Pepe (PEPE) jumping 11% in the past three days.

The frog-themed token has been rallying this week thanks to renewed interest in the meme coin sector, with Dogecoin (DOGE) and Shiba Inu (SHIB) also in the green.

Meanwhile, the presale for the new gaming token Meme Kombat (MK) is gaining momentum – surpassing the $120,000 funding milestone in its first week.

Pepe’s Recent Bullish Performance Sparks Investor Interest

PEPE is now trading for $0.000000786, having closed bullishly in three of the last four days.

PEPE has been on an upward trajectory since bottoming out at $0.00000060 last week, showing renewed investor interest.

This interest is evidenced by PEPE’s 24-hour trading volume, which has soared to over $112 million.

PEPE has also broken above the 20-day Exponential Moving Average (EMA) on the daily price chart and appears to be heading for the 50-day EMA – potentially to test it as resistance.

Should PEPE break through the 50-day EMA, it could signal a more extended bull run for the coin.

However, a rejection could send the token back into a bearish trend, given that this EMA hasn’t been breached in nearly two months.

Regardless of what happens, with PEPE on pace for its second consecutive green weekly close since May, investors are closely watching to see if this could be the beginning of a sustained reversal.

Should Investors Buy PEPE At Current Prices?

Although PEPE is now displaying some positive momentum, is it a good idea to buy the coin at its current price?

Despite PEPE’s value rising 11% since Wednesday, data from Etherscan.io reveals that the number of token holders has decreased during the same time frame.

This could indicate that, while the price is rising, some investors are exiting their positions and taking profits while they can.

Such a scenario would hint that sentiment remains negative towards PEPE from retail traders, suggesting that they don’t believe the token can sustain its upward trajectory over the medium-to-long term.