Key Takeaways:
- PEPE is up 10.74% in 24 hours in the past day with unprecedented volatility, trading around $0.00001329 as of writing.
- Memecoin Index is now at roughly 774.28, going up at day-high approaching approximately 8.28%
- Bitcoin and Ethereum stable, with BTC playing at ~$118,800 (+0.71%) and ETH at ~$3,182 (+4.13%), serving as the foundation of alt momentum.
After its breakdown for three day, PEPE found a strong base around $0.00001329, where traders stepped in to defend the frog-themed memecoin. This unprecedented rebound carried PEPE around 10% to $0.00001329 as of writing, aligning with the totality of memecoins’ strong resurgence along with the bullish market sentiment.
New addresses and wallet holders increase at around 40% over the past week where PEPE reach over 463,000 holders show growing interest and participation to the crypto market. The rising number of holders exhibits several technical and on-chain indicators that proves the potential rise for the frog-themed memecoin.
With its rising popularity and demand from traders and wallet holders, PEPE continues to build a great support not just in its own token name but also to the broad memecoin sector. A news article from AInvest highlighted the growing number of holders, including whales continuously accumulating PEPE coins. Comments under the news article is filled with nothing but positive insights about what’s more to come for PEPE, with one of the users noting:
PEPE’s chart’s a Picasso of bullish hope, but let’s not confuse a cup-and-handle for a rocket ship... Memes go to moon, then comets. Stay sharp, or your PEPE’ll be a digital paperweight.
Technical Landscape
Meanwhile, the said memecoin is now reaching the overbought territory, with RSI ranger 67-75 as flagged by Binance’s PEPE/USDT outlook. Short-term MACD crossover, on the other hand, is in bullish sentiment, unlike its medium-term remaining as more neutral based on Altfin’s PEPE crypto screener.
Memecoin Index Performance
Along with PEPE’s rise, Coindesk’s memecoin benchmark saw an increase, reaching 8% to around 774 as of writing, surpassing most broad-market indexes and demonstrating a strong speculative shift.
Macro Impact
The OG cryptos remain on their stable pace: Bitcoin trades at approximately $118,300 (2.04%) while Ethereum reaches $3,200 mark (8.43%), serving as foundations of market confidence and activating risk appetite in higher-beta coins like PEPE.
As of writing, PEPE is firmly holding at approximately $0.00001329 after its 10% rally, fueled by significant retail accumulation and bullish crypto market sentiment. While RSI is almost considered as overbought and medium-term MACD remains neutral, PEPE is still in favor of significant jumps from 20-40% if its breaks past $0.0000158 - $0.0000180, supported by increasing number of buyers and holders. However, the chance of moving sideways of even a breakdown is still there if its price fall back below 0.0000125.
summary
PEPE, the popular frog-themed memecoin, surged over 10% in 24 hours to $0.00001329 after bouncing off key support. This rally helped lift the Memecoin Index by 8%, with wallet holders rising by 40% in a week, signaling growing retail demand. While PEPE's RSI indicates overbought conditions and medium-term MACD remains neutral, short-term indicators stay bullish. Analysts suggest a potential further breakout to $0.0000158 or beyond provided support holds. Bitcoin and Ethereum's steady footing continues to fuel altcoin confidence.
